At the Hereford Group, they take care of businesses in assisting with all financial planning by ‘creating financial freedom’.
Financial planning is as important in a business as it is in one’s personal life. We typically don’t hesitate to insure our motor vehicles against everyday risks but we often overlook the need for insuring our businesses against traumatic events that interrupt everyday business operations.
What would happen if a business partner passed away or became disabled? Would the business have the capital available to purchase their shares from their estate or family? These are very real risks that have landed many businesses in a pickle.
Within every company, there is a person or a number of people that are assets to the daily operation of the business. Should these individuals not be able to contribute to the business due to death or disability, the business would suffer great financial and operational loss. Key person insurance allows for insurance for these types of vital individuals. This insurance provides the company with liquidity to replace the individual with an equally qualified person.
Employee benefits should also never be overlooked. Implementing pension and/or provident funds is a great way to attract and retain top employees. Life and/or disability cover can be added on for each employee to ensure that their families are taken care of should the employee not be able to.
Lastly, but certainly not least, is short term insurance.
This ensures that the business is protected from fire, theft and all the other unfortunate issues that life throws our way on a daily basis.
For more information on insurance/assurance, medical aids, employee benefits and investment management, contact Aidan Deacon on +27(0) 83 701 2063 or email aidand@herefordgroup.co.za.