During tough economic times, you may look for ways to cut your expenses. However, when reviewing your budget, insurance should be one of the last items examined.

Business Assets Extend to People Too

As your business grows, you should consider insuring the people who play a key role in the ongoing success and profitability of your business.

The benefits that can come from adequate insurance protection include:

  • An insurance payment funding reduction or repayment of debts
  • Protect personal or business assets attached to loans as security, in the event of death, disability or critical illness of you or another key person

Important Uses of Insurance in a Business

  • If you have some equity in a business you own with other people, you should consider establishing a Buy/Sell agreement funded by insurance.
  • If you’re self-employed via a company or trust you should consider Income Protection insurance.
  • If you are a small business owner, you should consider Business Expenses insurance.
  • If you have a family business, you should consider using Life insurance as part of your broader succession planning.

Considerations When Buying Insurance

  • When taking out insurances, you should consider paying level rather than stepped premiums.
  • If you are taking out Life and Total and Permanent Disability (TPD) insurance, you may want to arrange the cover in a super fund rather than outside super.

Consider these strategies as part of your review of your insurance;

  • where possible buy your insurance in superannuation
  • pay level premiums
  • pay your premiums annually
  • consolidate your insurance
  • choose a longer waiting period and shorter benefit payment period for income protection
  • reduce your sum insured to reduce cost


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