Business Insurance
Insurance can be complex and expensive, particularly for businesses. Therefore it is important to know that the cover you need is in place, is provided with the best value, and with the best service – particularly at time of claim. At Organic Wealth have a close business relationship with a highly experienced, professional General Insurance Brokerage that also specialises in providing solutions for businesses.
Ways We Help
- Ownership Protection
- Revenue Protection
- Asset Protection
- Business Expenses
Ownership Protection
Some forms of ownership protection include Buy/Sell arrangements and Key Person Insurance. If a business owner dies, funding the buyout of the Estate can be a problem. Legal documents for a buy/sell arrangement can be put in place by a solicitor to allow the remaining partner to purchase the business and insurance can be established to fund the purchase.
Revenue Protection
A drop in revenue is often inevitable when a key person (employee or owner) is no longer there. Finding a suitable replacement, if one doesn’t already exist, may take a substantial amount of time. The lag time, to find and train someone, will add to the losses incurred and place additional pressure on the business.
Asset Protection
The most important asset in a business is the intellectual capital provided by key people (employees & owners). Without their input, the long-term success of the business may be in jeopardy. The loss of a key person can be more disastrous than any loss or damage to physical assets. Material assets can always be repaired or replaced. When a key person dies or is disabled, they are lost to the business forever, which can create immediate financial problems. Without the security provided by that key person, the business could be forced to sell assets.
Business Expenses
If you can’t work in your business because of illness or injury, you can now have peace of mind knowing that 100% of your eligible business expenses can be covered. That means you can concentrate on your recovery, rather than be worried about your business, your staff or your customers. It complements your Income Protection perfectly and applying for cover is as easy, but more importantly, because the majority of the expenses covered are your fixed commitments, it makes claiming straightforward.
