There are more than two million small businesses in Australia – around half of which have owners aged over 50 – but where a significant number lack appropriate protection for their owners and their employees, states insurer MetLife Australia.
Michael Mulholland, Chief Distribution Officer at the firm, says for many Australian families, their business represents both a source of income and a retirement asset that requires appropriate business insurance and succession planning.
“Small businesses power our economy and are often the cornerstone of a family’s future,” he says.
“Advisers play a crucial part in helping businesses build resilience and secure their futures.”
…Business insurance plays a central role in supporting continuity and financial stability…
He says business insurance plays a central role in supporting continuity and financial stability when unexpected events occur, adding that key person protection can help manage the risks associated with losing individuals critical to business operations, while debt protection aims to ensure business liabilities do not become a personal burden for owners.
Succession planning support can assist business owners in managing both planned and unforeseen transitions.