Fergusons Insurance Brokers

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39B Davey St Frankston, Victoria
Phone: (613) 9783-3200

Fergusons have been looking after all our insurance needs for the Just Hockey Group since 2006. They have always gone the extra yard to understand our business and offered outstanding service and advise as well as competitive pricing. I have no hesitation in recommending Fergusons to anyone

looking for a trustworthy broker to look after their insurance needs.

- Philip Wagg
  Finance Manager
  Just Hockey

   Emergency After Hours

   0409 411 235

Income Protection (Key man), Superannuation

Keyman Insurance

Every business has key people who are critical to its function and survival. Unfortunately, circumstances such as injury, illness or death can mean that key people are lost, leaving the business in a vulnerable position. This is where Key Person and Buy/Sell Insurance is essential.

What is Key Person Insurance?

Who are the key people in your business? What would happen if these people could no longer work? Every business has key people who are critical to its function. Without these people the business may struggle to survive. Unfortunately, circumstances such as injury, illness or death can mean that key peoples skills are lost to the company , leaving the business in a vulnerable position. This is why Key Person is essential for small or large businesses. 

 

What is a Buy/Sell arrangement?

 

Every small business has key people who are critical to its function and survival. Unfortunately, circumstances such as injury, illness or death can mean that key people are lost, leaving the business in a vulnerable position. This could raise problems if the key person was a partner, founder or owner. This is where “Buy/Sell” insurance is essential.

 

Buy/sell” insurance allows you to buy out the interest of a deceased partner in the business. Without buy/sell insurance, the death of a business partner could mean you would be stuck in a compulsory partnership with the beneficiaries of their will. They may wish to withdraw their capital or may not have the knowledge or experience to be involved in your business.

 

 

Superannuation

 

Self-employed people often earn a decent income while working, but without the benefit of employer-paid superannuation contributions, find they have very little money to live on in retirement. Almost a quarter of self-employed Australians had no superannuation at all in 2012, according to research by the Australian Super Funds Association (ASFA).

 

Don't rely on selling your business to fund your retirement. Without your involvement, your business may be worth less than you think. Many business ventures can also be hard to sell. Instead, think about building a separate pool of retirement savings.

Superannuation is a tax-effective investment for retirement savings. Adding to your super can also reduce the tax on your current income.

As a guide, you or your business may be able to claim a tax deduction of up to $30,000 annually for contributions to your superannuation fund (or $35,000 annually if you are aged 50 or over). It's an easy way to trim your tax today while building a nest egg for the future.

Be sure to make your contributions before 30 June to claim them as tax deductions, but be careful not to go over the contribution caps so that the penalty tax does not apply.

You can fund your Life, Total & Permanent disability insurance & Income Protection out of your superannuation therefore freeing up your cash flow for your business.