Life and Key Person Insurance
Regardless of an organisation’s size, its employees are the most important asset. Aon provides a suite of business insurance solutions to ensure a business can keep operating should something happen to its employees.
Partnership Cover (Buy/Sell)
In the event of death or total permanent disablement of a business partner, Partnership Cover provides a lump sum payment to allow the other business partner(s) to purchase the deceased or disabled partners shares.
This can protect business owners and their estates from issues such as:
- A partner becoming disabled and unable to work, but still receiving profits without doing any work.
- New owners entering the business in accordance with the departed members Will (for example a spouse or child). These people may not have the necessary skills or may on-sell the business to another person.
Both situations can cause pressure and stress on the business relationship, therefore Partnership Cover ensures an orderly transfer.
Key Person Cover
Having a key person like a Director, shareholder or main revenue generator pass away, fall seriously ill or be seriously injured can have a devastating effect on a business.
Key Person Cover will pay a lump sum to minimise the financial impact on the business. This essential form of protection could be used for:
- Replacing the revenue the key person would have generated or the loss of productivity caused by that person being taken out of the business.
- Costs incurred by a business to locate, attract, recruit and train a suitable replacement can be considerable and will lower business profit.
Business Expenses Cover
Business Expenses Cover will keep your business running if you suffer illness or injury. As a sole trader, small business owner, or if you’re in a partnership, you can claim the costs of running your business if you are unable to work more than 10 hours a week, and it will pay for a two-year period.
This insurance covers the following fixed expenses up to $25,000 per month:
- Rent, electricity, phone & water costs.
- Accounting, bank, audit and subscription fees.
- Business related Insurance costs.
- Couriers, postage, cleaning and equipment costs
- Motor vehicle and leasing costs.
- Other fixed expenses incurred in the day to day running of the insured person’s business.
- Salaries for non-income generating employees.
To find out more about Aon's Life and Key Person insurance, get in touch with your local Aon insurance broker today.