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Follow on Google News | Protect your business through insuranceBy: Sky Accountants Identify the key people in your business and consider the possible impact should the aforementioned events happen to them. Your business should at least have asset protection, revenue protection and ownership protection. Make sure personal guarantees given to lenders are released and that ties with the terminating principal and their estate and family are severed through a buy and sell agreement with correct financial compensation via insurance. It is important for agreements to be in place so the owner/s or their estate can agree on the business value and they can get their full equity at the time of their departure. Agreements will facilitate the financing of a share buy-out for the continuing owners. A general liability insurance, on the other hand, protects businesses in case they get sued for certain claims. It can cover the loss of business property such as equipment and furniture in the event of burglary, among others. The owners can also claim for loss from litigation, including legal fees, except for legal firms, real estate brokerage firms and publishers in certain cases. The premiums are based on the kind of business you have and your company's projected revenues. As you look for different ways to grow and improve your business, seeking professional advice (https://www.skyaccountants.com.au/ You can click here (https://www.skyaccountants.com.au/ End
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