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Insurance for business owners: How to protect your business, family & future

Insurance for business owners? Learn the ins-and-outs of insurance for business owners, from income protection and life cover to key person insurance, buy-sell agreements, and how to structure policies for long-term security.

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About this episode

In this Australian Business Podcast episode, your host Owen Rask talks with Skye Private’s Phil Thompson about getting insurance for business owners and sole traders. They cover:

  • Why you should insure yourself
  • Key types of insurance for business owners
  • Structuring of life insurance
  • Other insurances for business owners
  • Tax consequences of insurance
  • Buy-sell agreements and insurance policies
  • Phil’s business – Skye Private

If you like this Australian Business Podcast episode on life insurance for business owners, you’ll love our series. Don’t forget to subscribe for weekly shows on Apple, Spotify, YouTube, or wherever you get your podcasts!

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Topics Covered

  • Welcome & introduction
  • Why insurance matters for business owners
  • General insurance vs personal cover
  • Understanding Skye vs Skye Private
  • How income protection works for business owners
  • Life & TPD insurance explained
  • Key person insurance for founders
  • Trauma & child’s cover basics
  • What is buy-sell insurance?
  • Business structuring & ownership of policies
  • Real-world examples of insurance gaps
  • How to work with Skye Private
  • Final thoughts & where to get help

Episode resources

📄 Learn more about life insurance:

Life insurance checklist: https://www.raskmedia.com.au/wp-content/uploads/2024/09/Insurance-checkpoints-with-Skye-RASK.pdf

Book a call with Skye: https://www.raskmedia.com.au/life-insurance

Our outsourcing partner: Flexisource IT https://flexisourceit.com.au

Podcast series resources

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📈 Free online business community – Inflection 

Zara, Owen, Jordan and Danil are proud to invite you to join our free online business owners community. Filled with videos, PDF downloads, daily discussion and more, you can join now for free to unlock episode resources and goodies. Click here to join us online.

✅ Grey Space Advisory – snag a $100 health check

Do you get stuck worrying about your business’ finances? Or what needs to be paid to ATO, employees, Super funds and so on? The Australian Business Podcast is proud to announce that our sponsor, Grey Space Advisory, is offering all business owners a financial health check.

Jordan and Danil’s expert team of accountants will conduct a review of your tax structure, bank setup, ATO obligations and reporting, business insurance and provide some advice on how to manage all of this — for just $99! You can book a $99 health check with the Grey Space Advisory team and tell them Owen sent you.

🏰Rask – Get Owen’s best investing research

The Australian Business Podcast’s official sponsor is Rask, our very own company. We empower hundreds of thousands of investors around Australia, whether you’re new or have been investing for 40 years. You can take an investing course on Rask Education to discover how Owen carefully researches small or blue chip companies, or become a premium Rask member today to speak directly with Owen and see what he is investing in.

As Warren Buffett famously said, “I am a better investor because I am a businessman, and a better businessman because I am no investor.” 

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Information warning: The information on this website and in our podcasts is general financial advice only. That means, the advice does not take into account your objectives, financial situation or needs. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. Please read our Terms & Conditions and Financial Services Guide before using this website.

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