Why Protecting Yourself and Your Business Matters, especially at Tax Time!

Life and business are full of uncertainties. Whether it’s an unexpected illness, an injury, or the sudden loss of a crucial team member, the right insurance coverage is essential to safeguard against life’s curveballs. As the end of the financial year (EOFY) approaches, it’s an ideal time to review and update your insurance policies. This ensures you are well-protected and can provide significant tax advantages.  It’s not too late!

Benefit of Prepaying Insurance Before the End of the Financial Year

Prepaying for insurance before the EOFY can be a smart financial move. By doing so, you can claim the premiums as a tax deduction this financial year, potentially reducing your taxable income, minimising your tax bill and taking advantage of the benefits next financial year.

Benefits of Income Protection for Individuals

Income protection is the most commonly paid-out insurance policy and is a must for anyone who relies on their salary to meet daily living expenses and financial commitments. Here’s why you should consider it:

• Income Coverage: Income protection can cover up to 70% of your insurable income, ensuring that you have a steady income stream if you’re unable to work due to illness or injury.
• Financial Stability: The monthly benefit helps you manage your mortgage, family expenses, and lifestyle requirements, providing a safety net during challenging times.
• Peace of Mind: Knowing that your financial commitments are covered allows you to focus on recovery without the added stress of financial strain.

Benefits of Key Person Insurance for Businesses

For businesses, the sudden loss of a key employee can be devastating. Key Person Insurance is designed to mitigate such risks and offers a buffer against financial turmoil. Here’s why it’s essential:

• Financial Protection: The insurance policy covers the financial losses due to a key employee’s death or severe illness. As the policyholder and beneficiary, the company receives a payout to offset these losses (not the individual).
• Business Continuity: The insurance payout helps to cover lost revenue, operational disruptions, and the costs associated with finding and training a replacement. It ensures that your business can continue to operate smoothly during difficult times.
• Risk Mitigation: By insuring key employees, you protect your business against the loss of specialised skills and leadership critical to your company’s profitability. This coverage helps prevent delays or cancellations of essential projects and initiatives.

How Morrows Risk Insurance Can Help

At Morrows, we understand the complexities and critical importance of Risk Insurance for individuals and businesses. Our team of specialist insurance advisors is dedicated to simplifying the process and providing tailored solutions that meet your specific needs.

• Personalised Advice: We take the time to understand your individual and business circumstances, ensuring you get the most relevant and comprehensive coverage.
• Policy Review: Whether you’re looking to arrange a new policy or want to review your existing insurance to ensure it still meets your needs, we’re here to help.
• Ongoing Support and Claims Management: We provide continuous support and guidance, especially when you need us the most. Our risk insurance advisors are here to help with lodging claims to help fast-track settlement.

Secure Your Future Today

Don’t leave your future to chance. Protect yourself and your business with comprehensive insurance coverage. As the financial year ends, now is the perfect time to review and update your policies to ensure you’re prepared for whatever life may throw your way.

Contact Morrows today to discuss how we can assist you in safeguarding your financial security and business continuity.