Covering business needs is important
Certain business events such as surety, replacing a key employee, or covering overhead expenses (to name a few) can be covered with insurance. Business financial planning not only promotes financial wellness for your organisation, but also protects all the individuals involved in the business.
Events that require cover
- Business needs
Contingent liability
Stood surety for business debt? Your personal estate could be at risk. Life Cover can protect you and your family by ensuring debts are repaid if a life event occurs.
Key person insurance
Have a key employee driving your business success? Their absence could hit profits hard. Having cover in place helps absorb losses or fund recruitment and training of a replacement.
Overhead expenses
Monthly overheads like rent, utilities, and salaries don’t stop when your income does. Overhead expense cover provides a financial buffer to keep your business running during unexpected disruptions.
Debit and credit loan accounts
You may owe the business money, or the business may owe you money. Ultimately, the money must be repaid to ensure that there is liquidity for yourself and the business.
Requirements for business assurance
Financial underwriting considers the financials of the business to establish the business’s needs. This is considered together with the life assured’s personal lifestyle and health status to determine the premium required for cover.
Memorandum of incorporation
CIPC document
Financial statements of the business
Shareholder certificate
Become an employer of choice
Employee benefits are defined as the additional compensation to an employee’s salary. This is added to attract and retain talent.
Contributions to retirement funds
Medical aid contributions
Group life cover (which includes life, disability, and dread disease cover)
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