Every small business, SME or partnership should consider risk planning and some of the following strategies are definitely worthy of inclusion in the discussion:

• Key Person / Key Man Insurance
• Buy-Sell Agreements
• Capital Gains Tax impact
• Debt Reduction strategies
• Business Expenses insurances

So, some of the words sound familiar but you’re not really sure what it’s all about?
A team of professionals should be considered to make sure you ‘get it right.’  Most often, a Financial Adviser, Lawyer and Accountant may need consulting.
The Adviser is there to match the product to the need of the business, the Lawyer to draft the appropriate agreements or Business Will and the Accountant is there to value the business and calculate any costs involved.
So why consider business insurances?
Every business that has two or more owners needs to have a think about what would happen to the business should one of the partners die, become disabled or suffer a traumatic illness.
Most businesses depend on a few key people to produce the results, provide capital and manage the business.  If there’s no plan, there’s likely to be significant financial hardship for the surviving owner as well as family members.
This specialised area of insurance needs to help you undertake a detailed process including the needs of the business, amount of insurances necessary, cost factor, prioritisation of needs, and underwriting the cover.
The team at Wealth Planning Partners are ideally situated to assist owners to help assess their unique business needs and establish the appropriate levels of cover required.