Just bought family owned business that has been operating for 28 years. Can we get insurance or income protection based on the financials or do we have to have owned the business for a period of time first?
It will depend on a couple of things. Firstly, if you were doing a similar role (or industry) before?
If so, your previous year's income can be used, but will most likely be what is called an 'Indemnity' policy. This just means that if you are to go on claim, the benefit will be worked out on the previous 12 months income, as there hasn't been a history of income from that source as yet.
It will also depend on the type of business. For example, if there are contracts in place, how many staff, the business structure, etc. It's hard to give a concrete answer without these facts, but the basic results will be based on the above.
I would be happy to give you a more accurate picture if you're willing to chat about it over the phone. Feel free to call or email me for help.
P: 1800 674 435
M: 0411 511 958