Business Insurance

Let’s save you money on ACC and ensure that your business remains afloat at all times. You can arrange protection to cover the repayment of external debts, to cover the loss of profit, to cover continuing business overheads and expenses as well as loss of personal income. We help you to protect your business and your family.

Auckland Financial Solutions is committed to finding you the right combination of business risk insurance products, customised for your specific needs, and all at a competitive price.

‘By failing to prepare, you are preparing to fail.’

-Benjamin Franklin

By thinking ahead, mitigating risk, and planning for the future you can protect the future of your business and your family’s way of life.

Auckland Financial Solutions will assist by:
Outlining your current financial position
Lising the specific risks and issues currently facing your business
Summarising the preferred outcomes to suit your circumstances
Provide recommendations on insurance products that best suit your requirements

Initial Considerations before arranging Business Insurance

Buy/Sell Agreements:
Essentially a buy/sell agreement is a contract which plans for the future sale and/or purchase of a co-owner’s interest in a business. Also known as a business continuation agreement or buyout agreement, a buy/sell agreement is a protection plan for the future of your business.

Assuming you are the co-owner selling your interest, a buy/sell agreement covers the transfer of your interest (by you or your estate) when a triggering event such as retirement, disability or death occurs.

A buy/sell agreement can ease worries about how the disability or death of co-owner will affect the ongoing operations of the business. With a funded buy/sell agreement you will be able to purchase your partner’s share. After determining the value of the business, the best way to fund the transaction and the triggers suitable for your situation, a buy/sell agreement can be arranged. Often life insurance or other insurance products are used to ensure the funding of a buy/sell agreement.

A buy/sell agreement may limit your ability to sell your share in the business to an outside party, so it’s crucial that you seek expert financial and legal advice before entering into any contract.

Talk to Auckland Financial Solutions today to find out more about your options to protect the future of your business.

Given that the government will most likely deem that the disposal of a business interest under a buy/sell agreement occurs at market value, it may be prudent to use current market value as the preferred valuation method. The business valuation should be updated on a yearly basis.

You may also value your business by:
Current Market Value plus indexation for inflation or the anticipated growth rate of your business
Industry standard valuations

Contact Auckland Financial Solutions to learn more ».

Why Business Insurance?

Business Insurance will protect your business and livelihood from vulnerability and risk:
Debt Repayment
Business Continuity
Ownership Continuity

Auckland Financial Solutions Business Insurance Options:

Life Insurance – pays a lump sum if the life insured dies or is diagnosed with the terminal illness.
Trauma Insurance – pays a lump sum if the life insured is diagnosed with a specified serious illness.
Total & Permanent Disability (TPD) Insurance – pays a lump sum if the life insured is disabled and unable to ever work again.

New to Business Insurance – pays a fixed monthly payment if the insured key person is disabled. Available to businesses that have been operating less than four years.

Business Continuation Insurance – pays a fixed month
ly payment if the insured key person is disabled. Available to profitable and well-established businesses, operating for more than four years.

Disability Income Insurance – protects against personal income loss if the insured is unable to work due to injury or illness.

Level of Cover Needed
Typically the sum insured should be to the value of each owner’s share in the business, revised yearly, with insurance trigger events being death, TPD and trauma. Contact us (link to Contact Us) to discuss your options further.

ACC Levies

Many business owners are currently paying too much in ACC levies, but there are ways that you can reduce these ongoing costs.

The ACC CoverPlus Extra Difference

This insurance policy will help you to reduce your ACC levies while also providing better insurance protection. ACC CoverPlus Extra is an optional product that allows self-employed business owners to negotiate a pre-agreed level of lost earning compensation. ACC CoverPlus Extra ensures that you will receive 100% of the amount negotiated, and with agreed cover, compensation is typically available more quickly, when you need it.

Auckland Financial Solutions can:
Conduct a review to determine the amount of ACC levies you are currently paying
Reduce the amount of ACC levies you are currently paying for as little as 33%
Ensure that you have better insurance cover to fully suit your current situation

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