There are various different insurances you should have in place when running a business.

These may protect you, your business, your premises, or your equipment, for example. Here are some of the types of insurance you might need for your business:

  • Contents insurance – for your office or house if you work from home
  • Professional indemnity
  • Motor vehicle insurance
  • Public liability insurance
  • Product liability insurance
  • Income protection
  • Workers’ compensation insurance

Your insurance needs will vary depending on the specifics of your business, such as whether you offer products or services and whether or not you employ staff. We can guide you through the various types of insurance to determine which ones are essential for your business. And together with our associate insurance brokers, we can provide you with a quote for your insurance needs.

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Your insurance needs will vary depending on the specifics of your business, such as whether you offer products or services and whether or not you employ staff.

We can guide you through the various types of insurance to determine which ones are essential for your business.

This includes income protection and life insurance.

And together with our associate insurance brokers, we can provide you with a quote for your insurance needs.

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Frequently asked questions

Find out how we can help you start your business on the right foot.

Think of asset protection as a kind of insurance. You wouldn’t drive your car on the road without insuring it first. This isn’t because you think you’re going to get into an accident, but just to make sure you’re covered in case you do. If you’re not covered, then any unexpected accidents can become extremely costly.

The same goes for your wealth. You hope that nothing bad will ever happen that threatens your assets, but you still need to make sure you’re covered against this possibility. And, just like car insurance, you can’t wait until after an incident happens to protect your wealth. You have to act now while you’re financially stable and healthy to help ensure that you stay that way in the future.

Wealthy people and their advisors aren’t just good at building wealth, but also at managing it effectively and protecting it as much as possible. This practice ensures that your wealth continues to grow while remaining safe and secure.

When it comes to protecting your assets, a key strategy is to relinquish ownership over them. This may sound counter-intuitive, but being in a position where you control your assets but don’t actually own them is actually your safest bet. We’ll briefly discuss a few ways you can achieve this here.

One way to protect your assets is by identifying a partner who is less liable than you, i.e. less likely to be sued or face other legal issues. This can be an effective strategy for married couples. If one person in the marriage is in a low risk profession or is a stay-at-home parent, then your assets will be safer in that person’s name.

This way, if the higher risk partner is facing a lawsuit, your assets will be safe because they are not technically owned by the person being sued. All the ownership is left to your partner, although you can still retain some control over those assets. This strategy can also work between business partners if one is less liable than the other.

Legally speaking, a company is its own entity. This means that if a lawsuit is filed against a company, it is the company that is liable, not the people who own it or work within it. Companies typically have limited liability, which means the shareholders are responsible for paying up based on the company shares they own. They cannot be forced to do so from their personal assets.

Companies can offer asset protection to both their directors and their shareholders. However, directors are typically at greater risk than shareholders. So, going back to the strategy above, the shareholders are the ones in ownership of the company, the ones who are less liable. While the director simply takes control of the day-to-day running of the company without owning it.

Trusts can also be used to protect your assets and provide other benefits, such as tax reduction. There are a number of different types of trusts, but the two most relevant to business are unit trusts and discretionary trusts.

When placing assets under trusts, it is usually the trust itself that owns the asset, while the trustee controls it. You still benefit from the assets because the trustee can name beneficiaries and decide how income and assets are distributed to them (depending on the type of trust).

If you are at risk of legal problems, then you can protect your assets by placing them under a trust and retaining control over them as the trustee. Alternatively, the trustee can be a company to provide an additional layer of protection.

As a business owner, you automatically open yourself up to litigation. Lawsuits can come from customers, clients, employees, and members of the general public. You may even be liable for mistakes that your employees make. As such, protecting your business assets is essential as well as your personal assets.

Proper planning and structuring of your business and its assets can help to protect you from disaster. This, again, can be effectively achieved using trusts. Separate trusts can be set up to hold business assets and personal assets, to keep them separate from each other and from the business.