Below is an overview of the solutions that Monarch Advisory Group can help you with, as well as what each of the insurances mean to you and your business:

  • Business Expenses Insurance

    What is it?:

    This cover pays business owners a monthly benefit to assist with their day to day running of their business if they are unable to work because of illness or injury.

    Why do you need it?

    Business Expense insurance can help enable you, the business owner, to keep up with every day business expenses if you’re unable to work because of illness or injury. This includes, but is not limited to, utility bills, equipment hire and leasing, rent, salaries and superannation.

  • Key Person Insurance

    What is it?:

    Key person insurance pays a lump sum on the death or total and permanent disability of a key employee covered by the policy.

    Why do you need it?

    This money can be used to help cover:

    financial losses – e.g. any resulting increase in expenses, reduction in revenues or profits.

    liquidity – e.g. replace the income contribution of an individual the business relies on for cash flow.

    debts – e.g. business debts to third parties or shareholders, where the ability to repay the debts may be made more difficult by the departure of the key person.

  • Buy Sell Insurance

    What is it?:

    A buy-sell arrangement is effectively a legal agreement that’s backed by a life insurance policy. Under the arrangement, each partner agrees to sell their share in the event of death or a permanent disability, with the transaction to be funded by life insurance proceeds

    Why do you need it?

    This helps ensure there is sufficient cash available for the remaining partner(s) to officially take control of the business and removes any uncertainty over who owns it. It also helps ensure the former partner’s family receives a fair amount of money in exchange for their share of the business.