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Era Wealth Management
is a Corporate Authorised Representative of
Millennium3 Financial Services P/L
ABN 61 094 529 987 | AFSL 244252

Does Your Business Have the Right Protection in Place?

Owning a small to medium-sized business brings both rewards and risks. Without the security of a regular paycheck, small business owners face unique financial vulnerabilities that can impact both the business and their families. Lacking appropriate financial cover can have serious consequences, including financial strain, business disruption, and hardship for loved ones if something goes wrong.

The Risks: What Could Happen Without Proper Cover?

Without a solid financial safety net, a single unexpected event—like illness, injury, or sudden absence—can have a domino effect:

  • Disruption of Cash Flow: If you or a partner cannot work, cash flow may suffer, leading to missed payments on loans, leases, or other essential expenses. A temporary setback could quickly turn into a major financial crisis for the business.
  • Unplanned Hiring Costs: Replacing a key person’s role often requires hiring additional staff, an unplanned expense that can burden the business, disrupt operations, and impact employee morale.
  • Strain on Loved Ones: Without income protection or life cover, families may struggle to manage daily expenses, debt, or even children’s education costs in the absence of their primary financial supporter.
  • Potential Loss of Client Trust: A sudden disruption in business operations may erode customer relationships, making it difficult to retain loyal clients.

Meet William and Isabella: A Case Study

William and Isabella are dedicated to running their family business while raising their children. Over the years, they’ve built substantial savings and have a good cash flow system. But like many business owners, they realize that an unexpected event could jeopardize everything they’ve worked for, and they’re concerned about the future stability of their business and family finances.

They faced some key concerns:

  • Securing Family Finances: If either William or Isabella was unable to work, their family’s financial stability would be at risk without income protection.
  • Ensuring Business Continuity: Without business protection, a temporary absence would mean unplanned costs for hiring additional staff, risking operational setbacks.
  • Maintaining Stability for Staff and Clients: Disruption could impact the team’s morale and customer trust, key factors in their business’s success.

The Solution: Specialist Financial Advice for Peace of Mind

William and Isabella turned to Era Wealth Management for help in addressing these potential risks. Through tailored financial advice, they were able to:

  • Assess Their Business Risks: They identified specific vulnerabilities, including income protection gaps and key person insurance needs.
  • Establish a Business Protection Plan: With a plan in place, they gained confidence that their business could continue running smoothly, even if one of them needed to step away.
  • Secure Their Family’s Future: The right cover gave them peace of mind, knowing that their family’s financial wellbeing was safeguarded against unexpected life events.

By planning for the unforeseen, William and Isabella now feel confident they’re better equipped to protect their business, employees, and family. They understand that the cost of inaction could be far greater than the investment in a comprehensive protection plan.

Protect Your Business and Family

Let Era Wealth Management help you avoid the pitfalls of being unprepared. With the right financial cover in place, you can focus on growing your business, knowing that both your family and business are protected against life’s uncertainties.

 

 

The information within is general advice only, prepared without taking into account any of your individual objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs. You should obtain a Product Disclosure Statement relating to products mentioned before making any decisions.

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