Our longstanding client, who’s been with us for over a decade, found themselves faced with a huge financial decision. They’d taken the step of purchasing half of an accounting business. As financial advisors, she and her new business partner knew how important risk management strategies are for business owners. So they came to us seeking guidance on business insurance coverage options.
We explored various insurance solutions. Key Person, Buy Sell, and Income Protection insurance were on the table. But, as a new business, while they were keen to safeguard against potential risks, their focus on was on maintaining cashflow. This meant they didn’t proceed with all of our recommendations but went ahead with Key Person insurance, to ensure coverage in the event that one partner was unable to work.
Sadly, our client’s business partner was diagnosed with breast cancer sometime later. This unforeseen challenge required surgery and ongoing medical treatment. During this emotionally trying time, we were there to provide comprehensive information on the insurance claim process and navigate this challenge alongside them, offering advice as business owners, partners, and friends.
After gathering necessary assessments and documents, we met at at their office to complete and submit the claim. Our dedicated claims team took proactive steps to ensure fast processing of the claim. This resulted in a prompt $121,000 payment just 1 month after they notified us about the diagnosis.
This case is a testament to the value of informed decision-making. Although, hindsight revealed to our client that our comprehensive insurance recommendation might have been ideal, we’re proud that we provided her with the opportunity and information needed to make an informed choice. One that ultimately resulted in much needed support during their most vulnerable time.
If you want to work with expert insurance advisors who genuinely care about the financial security of your business and family, reach out. We’ll show you how we can help you navigate life with ease.