DISCLAIMERS   |   FSP   |   PRIVACY   |   CONTACT

The information/advice provided in this Website is General Advice Only. It has been prepared without taking into account any of your individual objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs. You should obtain a Product Disclosure Statement relating to the products mentioned, and consider the statements before making any decision about whether to acquire products.

Oakmont Financial Group Pty Ltd (ABN 31 164 365 995) trading as Oakmont Financial Group is a Corporate Authorised Representative of Financial Services Partners Pty Ltd (ABN 15 089 512 587 | AFSL 237590).

Business Insurance

One of the major services that Oakmont Financial Group provides is business insurance advice. We have extensive experience in key person insurance, business succession planning; and employee benefits. In these specialised advisory areas, our depth of knowledge of the complexities and possibilities ensure that the correct cover is put in place for when it may be needed.

KEY

PERSON

The continued success of businesses of all sizes often depends substantially on the knowledge, intellectual capital, skill, experience, initiative, personality and contacts of one or more essential people. 

 

Key Person Insurance is insurance on the life of such a person, with your business receiving the policy payment in the event of losing that person through death, permanent disability or critical illness.


Just as any prudent business would insure valuable assets such as plant and equipment, stock, motor vehicle fleets or premises, it is equally important to insure your ‘human assets’. The impact of losing a significant person could be more devastating than losing other more tangible assets.

Please contact us for a no-obligation free consultation on business succession planning.

BUSINESS SUCCESSION PLANNING

There are many complex issues regarding business ownership succession in the event of a business owner’s sudden and unexpected departure, for whatever reason. These issues should be considered by any business with multiple owners, regardless of whether it is structured as a Pty Ltd company, partnership or trust.

A well-structured business succession plan ensures the smooth transition of business ownership and provides certainty to all parties, within a legally binding buy-sell agreement. Not all possibilities for the unexpected departure of a shareholder can be insured, however insurable events include Death, Total and Permanent Disability and Diagnosis of a Critical Illness, Key Person Insurance.

BUSINESS EXPENSES

Business Expenses insurance is similar to income protection in that it pays out a monthly benefit in the event of disability from any cause, often covering the fixed running costs of a business. It is appropriate for a sole trader or a small partnership, or any business which relies heavily on one or two key people to generate ongoing revenue.


Although a sole trader may have put income protection insurance in place to cover their own income and pay personal bills, if they are not working due to a disability, they also need income to continue to flow into their business to pay fixed expenses such as staff wages and rent.

With these core expenses covered, the business can function and be ready for their return to work or in the worst case, if that person is unable to come back, it provides a buffer to ensure the orderly closing down or sale of the business.

EMPLOYEE BENEFITS

Employee Benefits packages are an increasingly popular remuneration choice for employers seeking to attract and retain quality staff in a competitive marketplace. A remuneration package can include Group Salary Continuance, Group Life Insurance, Corporate Superannuation, Total and Permanent Disability Insurance, salary packaging; and access to personal services such as Personal Risk Insurance, Needs Analysis, Estate Planning and Personal Financial Planning.Please visit our Employee Benefits page Employee Benefits to find out more.

In addition to the benefits show above, many employers offer access to other financial services and benefits such as Estate Planning, Personal Financial Planning and Life Risk Management. Life and Benefits together with our Alliance Partners, is able to make all or some of these benefits available to employees of our corporate clients.