When you own your own business, insurance is probably the last thing on your mind. But what would happen if something happened to you, your partner or a key employee and you couldn't work for a year. How would you pay the bills and continue running your business effectively?

A financial adviser can help choose the right insurance to ensure the smooth running of your business should something happen to you, your partner or one of your key employees.

What is Business Expense Insurance?

Business expense insurance has been specifically designed for the self-employed person who wishes to ensure that the fixed expenses of the business or practice will still be paid even if he or she is unable to work due to injury or sickness. This insurance is intended to help keep your business or practice going while the life insured (usually you) is disabled. Business expenses insurance will pay a benefit up to a pre-agreed amount in order to help meet the cost of a range of nominated fixed expenses that would normally be paid for from the income you generate. Talk to your adviser to determine the type and level of cover for you.

Business Key Person and Succession Insurance

Business key person and succession insurance is an integral part of succession planning that allows for the efficient and fair realisation of equity between owners of a business if one business owner dies or needs to leave the business due to illness or disablement. Any business succession plan should facilitate:

• the transfer of equity between the remaining business owners
• certainty that beneficiaries receive their full entitlement for the value of the equity in the business
• protection of the value of the business if one owner dies or suffers illness or disablement
• business succession insurance is designed to provide the necessary funding to achieve these aims

Talk to a financial adviser to determine a protection strategy to protect your business and your lifestyle.