Business Protection

Protect your most important business asset, you.

With our partners, The Greater can help you with affordable business insurance and expert financial planning services.

Make a Business Banking Enquiry

Is your business protected from unexpected events?

Most business owners insure their physical assets such as motor vehicles, premises and equipment, however, they often overlook the importance of insuring themselves or other key people in the business in the event of death, disability, illness or injury.

This can be a very risky oversight, as insurance can help to minimise the financial impact of events beyond your control and protect both your business and your family from financial hardship.

The right level of insurance can provide a timely injection of cash should the unexpected happen and can help you to:

  • protect personal and business assets
  • offset a reduction in business revenue
  • fund an orderly transfer of business ownership, and
  • meet a range of other objectives

It's important to get the level of protection right to meet your business requirements and protect your family and that's where a Bridges financial planner can help. 

What type of protection do you need?

Strategy Suitable for  Key Benefits 
Protect your physical assets People who have used debt to start or grow a business 

* Provide funds to repay debts or replace assets

  • * Protect personal or business assets used as loan security
Protect your business revenue Businesses that depend on a key person for revenue

* Provide funds to offset a reduction in business revenue

* Cover the costs associated with finding and training a suitable replacement

Protect your business ownership People with equity in a business they own with other people 

* Help ensure orderly business succession if you or the co-owners of your business are disabled or die

* Provide funds to compensate you or your beneficiaries, for the transfer of your equity in the business to the remaining owners in the event of disability or death

Protect your personal income

People who are self-employed or run their business through a company or trust

* Receive an income if you are unable to work due to illness or injury

* Ensure that business resources do not have to be used to fund your income

Meet your business expenses  Small business owners

* Keep up-to-date with your fixed business expenses

* Maintain your business as a viable entity during a period of illness or injury

Treat your beneficiaries equitably Family business owners

* Provide additional funds to equalise your estate

* Ensure all your beneficiaries receive sufficient assets to achieve your estate planning objectives

Purchase life and total & permanent disablement (TPD insurance tax-effectively 

People who are self-employed or are eligible to make salary sacrifice contributions

* Reduce the cost of insurance premiums

* Enable certain beneficiaries to receive the death or TPD benefit as a tax-effective income stream 

Reduce the long-term cost of your insurance People who are considering insurance

* Pay a lower than average premium

* Make your cover more affordable when older

How Premiums work

Once you have chosen the type of insurance you need you can choose which premium structure best suits you. You can make different selections for different types of insurances and can also choose to split your cover between different premium structures for a single type of insurance.

Stepped premium: Your benefits remain the same and your premium will increase each year depending on your age.

Level Premium: Your premiums remain the same and your premium will be based on your age at the start date of your insurance. When you renew your insurance, your premiums will only vary if a change is made to premium rates.

Tax Advantages

There are various tax advantages in holding insurance depending on:

  • the entity that owns the policy, be it a super fund, company, trustee, partners in a partnership or sole trader
  • the purpose the policy is held, for example revenue protection or asset (debt) protection purposes
  • the type of policy - life, TPD, critical illness, income protection or business expense insurance.

These factors will determine the exact tax concessions available on the policies taken out, whether the benefits of the policy are assessed as income and if the eventual benefit of the policy is subject to capital gains tax.

Financial Planning

The Greater has an established alliance with Bridges to provide financial planning advice to our members. A Bridges financial planner can help you determine the level of cover you need to meet your particular circumstances and needs.

To book your free initial appointment with a Bridges financial planner;  

Make a Business Banking Enquiry

Financial Planning is provided by Bridges. ASX Participant. AFSL No 240837. In referring members to Bridges, Greater Building Society does not accept any responsibility for any act or omission or advice provided by Bridges and its authorised representatives.

The Greater may provide links to other websites for your convenience. We are not responsible for and have no control over the information in those sites. View Site Terms and Conditions.