An Insurance Broker is a specialist in insurance and risk management who works on your behalf.
A Buy Sell arrangement is a contract that allows transfer of a business to remaining owners if one owner dies or suffers a serious illness or injury and is unable to remain within the business. Insurance policies can be put in place to the fund this transfer.
Buy Sell insurance assists with facilitating a Buy Sell Agreement to ensure a smooth transition of business ownership to the remaining owners in the event that one business owner dies or is unable to work due to illness or disablement. By using an insurance policy to fund the transfer it helps to ensure remaining owners retain control of the business and the departing owner/their family receives fair value for the sale of his or her share of the business. The insurance policy should avoid the remaining owners from having to take out loans to pay the departing business partner.
It is important that you discuss your needs with an adviser as the needs for each business are different
Working with an Insurance Broker and Risk Adviser will protect your business and ensure you have the right insurance cover in place.
Austbrokers can offer you trusted insurance advice to all your insurance needs, guidance, and long term support. Find out how Austbrokers can help you today!Find a Broker