All Businesses, whether they are big or small, begin and end with people. Having the right individuals can often make the difference in the success and continued growth of any business.
Business insurance is not only about protecting you or your business. It is also a way of protecting your employees, your suppliers and even your customers from some of these threats.
These are very real situations that have caused extreme hardship to both employees and employers when there was no proper insurance in place. Proper insuring your business gives you the peace of mind to focus on major issues like improving profitability and productivity.
This page aims to provide an understanding and overview of the business insurance relevant to owners who are either looking to or have recently started a business.
Keyman are fully responsible for the financial viability of the business and its overall success and your key executives are the most important assets of your business.
The `Keyman' here can be any employee, having a special skill set or substantial responsibilities, who contributes significantly to the profits of that organization. It is not a special plan of insurance but just application of life insurance to fulfill a special need.
The object of Keyman insurance is to cover the life of a Keyman for a monetary value so that in case of untimely death of such Keyman, the loss to the firm is recouped with monetary assistance (insured amount) received from the insurance company. As the name implies, the 'key person' is the key to the business' success; without him or her, the company would stumble.
Succession planning is a strategy for passing on leadership roles, often the ownership of a company. Some may liquidate the business and divide it among various partners and deceased partner’s family members or sold to other partners, even to a new partner.
Also known as "replacement planning," it ensures that businesses continue to run smoothly after a company's most important people move on to new opportunities, retire, or pass away.
Having a business succession plan in place via the Buy-Sell Agreement allows your business to plan ahead for such eventualities. There are many areas of business succession in a Buy-Sell agreement. One of the most important considerations in any exit situation for business is whether there will be sufficient cash or collaterals for the surviving / remaining partners to purchase the exiting partner’s share of the business.
Life insurance is a common funding vehicle for the agreement. Each partner can take up a life policy on the life of the other partner(s). In the event of the partner’s untimely demise, the surviving partners can make use of the proceeds from the policy to buy the deceased partner’s share.
The first category, Property pertains to any buildings, plant, machinery, equipment, stocks, furniture, fixtures and fittings, etc. Property insurance covers loss or damage to your business properties.
Purchasable insurance can provide coverage for the following:
Fire insurance extends to other perils like lightning and flood.
Theft insurance helps protect you in the event of burglary or robbery.
Terrorism insurance helps protect you in the event of unlawful use or violence against people or property.
Business interruption insurance helps to cover lost revenue, wages or ongoing expenses incurred in the event of suspended operations due to material damage from a fire or flood.
Select insurance plans which are catered to the risks in your business industry. For example, logistics companies providing shipping courier services can purchase marine/cargo insurance plans to cover cargo in transit.
As we know the most valuable asset, your employees deserve the best range of benefits that your business can afford. These benefits can further be used as an effective tool to encourage or strengthen your employee’s loyalty.
We offers a comprehensive array of employee benefits for you to consider. Knowing that the company will take good care of them of them and their loved ones, they will be motivated to work better.
As we know the most valuable asset, your employees deserve the best range of benefits that your business can afford. These benefits can further be used as an effective tool to encourage or strengthen your employee’s loyalty.
We offers a comprehensive array of employee benefits for you to consider. Knowing that the company will take good care of them of them and their loved ones, they will be motivated to work better.
The first category, Property pertains to any buildings, plant, machinery, equipment, stocks, furniture, fixtures and fittings, etc. Property insurance covers loss or damage to your business properties.
Purchasable insurance can provide coverage for the following:
Fire insurance extends to other perils like lightning and flood.
Theft insurance helps protect you in the event of burglary or robbery.
Terrorism insurance helps protect you in the event of unlawful use or violence against people or property.
Business interruption insurance helps to cover lost revenue, wages or ongoing expenses incurred in the event of suspended operations due to material damage from a fire or flood.
Select insurance plans which are catered to the risks in your business industry. For example, logistics companies providing shipping courier services can purchase marine/cargo insurance plans to cover cargo in transit.
Having a business succession plan in place via the Buy-Sell Agreement allows your business to plan ahead for such eventualities. There are many areas of business succession in a Buy-Sell agreement. One of the most important considerations in any exit situation for business is whether there will be sufficient cash or collaterals for the surviving / remaining partners to purchase the exiting partner’s share of the business.
Life insurance is a common funding vehicle for the agreement. Each partner can take up a life policy on the life of the other partner(s). In the event of the partner’s untimely demise, the surviving partners can make use of the proceeds from the policy to buy the deceased partner’s share.
Keyman are fully responsible for the financial viability of the business and its overall success and your key executives are the most important assets of your business.
The `Keyman' here can be any employee, having a special skill set or substantial responsibilities, who contributes significantly to the profits of that organization. It is not a special plan of insurance but just application of life insurance to fulfill a special need.
The object of Keyman insurance is to cover the life of a Keyman for a monetary value so that in case of untimely death of such Keyman, the loss to the firm is recouped with monetary assistance (insured amount) received from the insurance company. As the name implies, the 'key person' is the key to the business' success; without him or her, the company would stumble.
With the vast expertise of financial solutions TFA provides, you can be assured that you will be getting the best plans/solutions that will cover all the gaps in your portfolio.
