Business Insurance or Key Person Insurance can provide a lump sum cash payment to pay off business loans, personal guarantees or replace revenue in the event a key person in your business suffers a serious illness or Injury.
In 2012, 85% of the 2.1 million actively trading businesses in Australia had 0-4 employees.
This means that many businesses are heavily reliant upon the principal owners or key people.
Did you know that a lender may call in any unpaid loans in the event of serious illness, disability or death of a person who is a key contributor to the success and profitability of the business?
This can put additional stress on those left running the business, and impact its success.
Would you be able to repay a business loan and continue to finance your business? Would your business survive if you lost one of your key people?
Source: ABS Counts of Australian Businesses, June 2008-2012