Fire and General (Need Content Below This)
Wright Financial Solutions is a family business. Our advisers offer expertise in tailoring a business solution that is designed to protect your business, your family and employees from unforeseen financial risks. As amazing as owning your own business can be, being the boss does comes with major responsibilities which includes the financial security of your business from damages, such as property loss, illness, disability, or even death.
Whether you are new to business or are now considering succession planning, it is important to identify today’s and tomorrow’s potential risks so to ensure a prosperous future. Take the pain and complexity out of your business risks in meeting with the Wright Financial Team that are well versed in products of Group Health, Shareholders Agreements, Buy/Sell Agreements, Key Person Cover, Business Overhead Cover, ACC Levies and more.
ACC Restructure can save you thousands and only applies to the self-employed who do NOT pay themselves a PAYE wage or salary. We work in conjunction with ACC to get the best and most satisfactory outcome for you. You and your situation are unique, so we look at options and structures that ultimately save you money because we evaluate ACC cover in conjunction with Income Disability Cover which can provide greater benefits over your insurance portfolio.
Shareholder and Buy/Sell Agreements typically go together with the ShareHolder’s Agreement, being that of regulating how the company is operated and accompanying this the Buy/Sell Agreement, acting as “premarital agreement” to protect everyone’s interests in circumstances of retirement, divorce or even death. Without such documentation, these can be very real risks to your business and as part of our financial services Wright Financial will look at appropriate options, suited to your individual circumstances.
Some of the major products we offer are:
Group Health Insurance:
Health insurance provided under a group scheme by employers offers employees premiums (under a subsidised scheme), or employees pay their own premiums themselves. Either way, joining a Group Scheme through your employer is usually more affordable than joining on your own. You may be able to add family members and you may get some additional benefits.
The minimum member requirement for any Health Group Scheme is ten members. The insurance company will determine the final monthly investment for your group health insurance plan once your application has been reviewed and approved. The insurance company will assess your group using a number of criteria, including the size and location of your company and the ages of your employees, to arrive at the final monthly rate, or premium. One of the key benefits in being part of a Group Scheme is having pre-existing conditions covered without any impact on health insurance rates.
- Offers your employees a healthy lifestyle, maximizes their productivity, while minimizing work absences.
- Protecting your most valuable asset being your employees will be rewarded with loyalty and longevity which saves in additional training costs.
- Benefit from tax savings on salary reductions when your employees contribute to health funds associated with these plans.
- As an Employer you can join the scheme for less investment than a personal and individual policy.
- Provides access to the latest medical procedures and technology immediately.
Disability Income Protection:
Disability Income Protection groups Loss of Earnings, Key Person and Income Protection paying you a monthly sum should you be unable to work due to illness or injury. You can decide how much cover you need up to a percentage of your maximum gross income with each product offering subtle advantages of i.e. tax benefits.
Disability Income Protection Cover pays you a regular monthly payment if you’re unable to work temporarily or permanently because you are sick or injured and is designed to provide you with money to live on while you are not able to work in your business.
- Offers an ‘Agreed Value’ option providing a monthly benefit which is agreed at the time the policy is established.
- Choice of payment term options offering flexibility in premiums to best fit within the business’ budget.
- Wavier of Premium option which means the provider will pay your premiums.
- Key Person Cover offers flexibility in both cover for a Director or (key) employee that generates revenue. This benefit provides funds to hire a temporary replacement during recovery and payments can be to the business or the individual.
- Loss of Earning Cover being more tax efficient at the time of the claim.
New To Business Income Protection:
New to Business Income Protection is another form of Disability Income Protection, specifically tailored and designed for a new Start-Up business who have been trading for less than 3 years with a primary benefit being that of not requiring proof of income.
Should owner(s) responsible for generating revenue for the business become ill or disabled defined as not being able to work more than 10 hours per week, you are eligible to receive an ‘Agreed Value’ monthly payment with no proof of income required.
- Protection from the threat of lost revenue and additional staffing costs, should an owner or key person in your business become ill or disabled.
- Opportunity to receive a monthly payment for up to 2 years to help keep the business running.
- Choice of benefit level being between $2000 to $8000 per month, subject to provider.
- Optional waiver of premium subject to provider meaning your premiums are waived while on claim.
- A lump sum payment on death subject to provider that is 6 times the monthly amount assured.
- Optional suspension of cover subject to provider for up to 12 months.
Rural Funding Insurance:
The purpose of Rural Funding insurance is to provide cover that includes protecting your livelihood, the family home, herd ownership goals and your farm succession plans. This cover is designed to shield you from financial burden allowing your farm to continue running should you suffer illness or injury.
Rural Funding is an ‘agreed value’ policy and will help you to continue to run your farm with monthly payments paid in advance if you own, partially own, or lease the farm and/or the herd. Without such cover in place your risk cash flow drying up, facing additional labour and staffing costs that can increase farming overheads affecting cash flow and production. Benefits have no off-sets against either ACC or personal insurance benefits for the same event with cover up to $10,000 per month subject to provider.
- Options include a monthly benefit up to $10,000 per month with limited proof of financials subject to provider.
- Options include cover partners (if they also work on the farm), as well as sharemilkers.
- Seasonal Boost can be included subject to provider, offering a 100% cover/claim boost over key periods like lambing, calving or fruit harvest.
- Benefits have no off-sets against either ACC or personal insurance benefits.
- Payments are paid in advance on claim.
- Waiting period options offer you choice in the longer the waiting period, the lower the premium.
- Premium waiver offers you the comfort in knowing the policy premiums are paid by the provider while you are on claim.
Business Funding Insurance:
To be entitled for Business Funding Cover your business must be trading for more than 3 years. Directors and Key employees can be covered on suffering an illness or injury which results in a limited working capacity. The benefit entitlement of Funding Insurance can add to the cash flow of the business which works to offset revenue loss in such unfortunate circumstances.
Business Funding insurance is typically an ‘agreed value’ policy with an indemnity option with benefit entitlements being set by you at the time of your application. Benefits are paid monthly in advance to the company and therefore remain subject to income tax. At the time of claim proof of income is not required and there are no ACC offsets.
- Options include a monthly benefit up to $5000 per month, subject to provider, with no proof of income being required at application or claim time.
- Benefits have no off-sets against either ACC or personal insurance benefits.
- Payments are paid in advance on claim.
- Payment periods offer control over your premiums and span from a minimum 6 months to a maximum 2 years.
- Waiting period options offer you choice in the longer the waiting period, the lower the premium.
- Premium waiver offers you the comfort in knowing the policy premiums are paid by the provider while you are on claim.
Business Trauma Cover:
A critical illness can affect you and your family, but if you own a business, it could put your company in jeopardy. Business Trauma Cover can provide you with a lump sum payment to help keep your business afloat during times of stress or unforeseen health complications.
Business Trauma Insurance exceeds Personal maximums offering million dollar plus, lump sum benefits if you are diagnosed with a severe illness such as a heart attack, cancer, or a stroke. You can choose to put the funds towards anything; expenses, buyout agreements, succession planning, and reducing debt.
- One off lump sum payment for a maximum number of specified conditions.
- Cover for most occupations however extreme activities can attract exclusions.
- Rate for Age or Level Premium structure options that can offer control over your premiums.
- Options include Standalone or Accelerated when considering a Life Insurance policy in addition offering you control over your premiums.
- Coverage terms that are renewable each year with no age limit, subject to insurance provider.
Total Permanent Disablement (TPD):
Total Permanent Disablement (TPD) cover can provide options for your business with a lump sum payment to help cover the finances you need to keep the business operating. Where a business owner, or Key Person becomes totally and permanently disabled through either illness or accident, you’ll have the necessary funds either to buy that person out and/or replace them.
Total Permanent Disablement provides a lump sum payment that helps you to maintain your financial freedom by providing you with the means to pay for currently lost and/or future income. The payment can be used for repayment of business debts, succession planning, and buyout agreements.
- A one-time-only lump sum payment up to $5 million subject to provider.
- Optional increase in coverage without the need for additional medical underwriting subject to provider and criteria.
- Renewable to either age 65 or to age 70 subject to provider.
- ‘Any’ or ‘Own’ occupation definitions offering control and choice in premiums.
Business Life Cover:
What would happen to your business if you, or another key stakeholder, dies or is diagnosed as terminally ill? Life Cover allows you to keep running your business, replace income lost for your family, and plan for the future operations of your business.
Life Cover for business helps keep your company in business if you or an insured owner or other key personnel is terminally ill or dies.
Business Life Insurance cover can provide a;
- Lump Sum payment, upon your death or a lump sum payment upon diagnosis of being terminally ill.
- Worldwide Cover benefit offering you anywhere in the world, 24 hours a day, 7 days a week protection.
- Rate for Age or Level Premium structure offering control over your premiums.
ACC Restructure:
ACC Restructure can save you thousands. We work in conjunction with ACC to get the best and most satisfactory outcome for you. You and your situation are unique, so we look at options and structures that best suit your needs. ACC Restructure only applies to the self-employed who do NOT pay themselves a wage or salary.
Contact us today for free no obligation financial advice.