You work too hard in your business to risk its viability being threatened by death, disablement, sickness or injury.
At Monash Group Financial Planners, we help you identify and design the most appropriate insurance package solution for your business needs.
We do this in consultation with your solicitor and taxation adviser as required, to get the best outcomes for you.
Key Person Insurance
Key person insurance will protect your business from the loss of individuals whose capital, knowledge, client base or experience are vital to the company’s success. This can include a director or specialised employee.
Business Succession Planning
A carefully constructed business succession plan can overcome problems arising from the loss of a business owner due to the owner choosing to leave the business, death, disablement, injury or illness.
Business succession covers how changes to the ownership or management of a business will be handled. Buy/sell insurance arrangements can provide the money to fund some of these needs.
Succession planning allows the surviving business partner/s of a business to buy out the deceased or disabled owner’s interest in the business. Most business owners don’t leave their tangible assets (buildings, plant, equipment and stock) uninsured for a single day.
Yet it is not your tangible assets, but yourself, your business partners and key people, who make the business successful.
Group Disability
Group disability insurance is a single disability policy that covers many people (a group).
The insured group has a common interest or association, such as an employer, a trade, or a school affiliation.
Coverage replaces lost income and wages for a limited period of time with an income benefit that is a pre-set percentage of earnings before disability.
Employer Superannuation
Superannuation (super) is money you pay for your workers to provide for their retirement.
Generally, if you pay an employee $450 or more before tax in a calendar month, you have to pay super on top of their ordinary wages.
The minimum you must pay is called the super guarantee (SG):
- The SG is currently 9.5% of an employee’s ordinary time earnings.
- You must pay SG at least four times per year, by the quarterly due dates.
- You pay into a complying super fund. Most employees are eligible to choose which fund you pay into.
- If you don’t pay the SG on time, you may have to pay the super guarantee charge.
(Correct at the time of printing June 2015, ATO)
