Nobody enjoys paying for insurance. However, it’s extremely important and is a safety net not only for you, but your business, it’s staff and your family.
There are 4 methods to ease the cost of insurance. These include:
- Superannuation owned policies to save cashflow and boost tax efficiency
- Regular review of the policy for more cost effective providers
- Revision of the policy terms, such as waiting periods or benefit periods
- Review of your insured amounts to prevent being over-insured
A Super Way to Insure
As a business owner, when you purchase insurance through superannuation, the contributions that you make that pay the insurance premiums are tax deductible. This can make it cheaper after tax benefits to insure through super or allow you to have a higher level of cover.
There are two types of business insurance that can be purchased using superannuation, including keyperson insurance and partnership protection.