Group (Life, Disability, Trauma and Health) insurances are offered by an employer or large-scale entity (i.e. association or labor organization) to its workers, members/staff as a perk by employers to its employees.
By getting insurance coverage through a provider on a “wholesale” basis for its members, the coverage costs each individual worker/member pays, is much less than what they would pay to purchase an individual policy. Those receiving coverage may not have to pay anything “out of pocket” for policy benefits or they may elect to have their portion of the premium payment deducted from their salary/wages.
Certain Benefits of Group Insurance:
- Higher employee satisfaction and employee retention for the employer.
- Lower premium costs because of higher volume.
- Higher chance of getting pre-existing conditions covered (this is great for people already having health issues and cannot get insurance individually).
- An option of carrying on with insurance without change in policy even after an employee retires or quits job.
Key Person Insurance
This type of insurance also commonly called key-man insurance. It is an important part of protecting a business and its profitability. In general, it can be described as an insurance taken out by a business to compensate for its financial losses that would arise from the death or extended disablement of an important member of the business. To put it simply, Key Person Insurance is a standard Life Insurance, TPD Insurance, Income Protection and/or Trauma Insurance policy that are used for business succession or business protection purposes. The policy’s term usually does not extend beyond the period of the key person’s usefulness to the business. Key Person Insurance policies are usually owned by the business and the aim is to reimburse the business for losses suffered with the loss of a key income generator and assist in business continuity.
The loss of a shareholder can have a grave and dramatic implication on your business. Sometimes the implication is so big that a business has to close its operations for good.
If a shareholder makes an unplanned exit from the business due to death, permanent disablement or critical illness then lump sum funds can be available for the surviving shareholder and/or the business through this insurance. This money can be used to buy over the shares of the deceased or totally disabled shareholder. This insurance is perfect for protecting the capital value of your business and to ensure that your business keeps on running smoothly even if one of the shareholder is deceased or totally disabled.
This insurance is sometimes known as “Buy-Sell Agreement Insurance” or “Company Buy Back Insurance”.
Business Insurance Adviser
When you own a business, you should take into account Key Person Insurance, Shareholders Protection and Loss of Revenue insurance. These products, services and advice can be obtained through Premium Finance Business Insurance Adviser. Business Insurance can be a vital step to protect your business and can guarantee its profitability and survival. Death, Disablement and Critical Illness are situations that can disrupt your business or its cash flow. In order to help you avoid such situations, our Business Insurance Adviser can help mitigate the risks for various financial losses that can arise because of death or disablement of one of the important members. We can help to protect your business and ensure its cash flow through our expert advice.
Your business continuity is in your own hands. Our Business Insurance Adviser has fantastic skills to deal with various unforeseen circumstances that can put a spanner in the works. We aim to minimize your losses and maximize your benefits as much as possible. By taking this insurance, you take an important step towards the wonderful future of your business.
Premium Finance strives to find solutions for unforeseen situations that might lead to slowing down and in some cases even closing of business operations. We are available anytime and our whole team is at your service whenever you need!