Corporate Solutions
Afken strives to deliver smarter solutions for organizations of all sizes. We help clients understand their risk picture, both today and in the future, by identifying and proactively addressing risks and opportunities that protect and generate value for shareholders, owners, employees, and customers. By harnessing the power of looking forward, together we can help minimize your exposures and create ongoing success and lasting value.
Whether a large organization with several shareholders, a start-up company, a family-owned business or a non-profit organization ,all have a responsibility to both internal and external stakeholders. At Afken, our goal is to provide a comprehensive insurance solutions to protect any organization and associated individuals, as loss exposure can come from a variety of claimants, including employees, shareholders, regulatory agencies, competitors, customers, lenders, volunteers, and others. Afken’s relationships with leading underwriters offer you the protection you need for a variety of potential exposures.
What We Can Offer You
A buy and sell agreement consists of several legally binding clauses in a business partnership or operating agreement or a separate, freestanding agreement, and controls the following business decisions:
- Who can buy a departing partner’s or shareholder’s share of the business (this may include outsiders or be limited to other partners/shareholders
- What events will trigger a buyout, (the most common events that trigger a buyout are: death, disability, retirement, or an owner leaving the company) and;
- What price will be paid for a partner’s or shareholder’s interest in the partnership and so on.
Depending on how the shares are valued and depending on how large the company is, the other owners probably don’t have the liquidity to buy out the deceased’s shares at the drop of a hat.
- Provides a smooth transition and continuity of management and ownership to the remaining business owners.
- Creates an instant market for a business interest that may not otherwise be saleable
- Provides the liquidity to the retiring owner or to his estate in the event of death.
- Peace of mind and security for the business, the business owner’s and their families.
- Stipulates that if an owner plans to dispose of their business interest that they must first offer it for sale to remaining owners or the business itself.
- The purchase price of a business owner’s interest is based upon a pre-determined formula to be used at the time of death or disability. This allows a definitive price to be set for the ownership interest.
- Identifies the seller and mandates that he must sell his interest and also identifies the buyer and mandates that she must buy the interest when made available.
- The agreement is based on a current business valuation which establishes the fair market value of the company and is the basis of the price and terms of sale when applicable.
- Funding mechanisms such as life insurance and disability income insurance are noted
- Specific instructions for handling the dissolution of the business.
- Valid reasons for termination of the agreement.
Succession Planning
Every business owner knows that building a successful company requires dedication, commitment and hard work. Once a company is established, business succession or business continuation planning becomes an essential part of the process to assure future continued grow. Business succession planning addresses all potential contingencies that may affect a business or business owner including retirement, sale of a business interest, disability or death. With prudent planning, a business can be assured that funds will be available to provide flexibility in the event of retirement, disability or death of a shareholder or sale of a business owner’s interest.
Employee Benefits
No business can run without a productive workforce. By offering your employees benefits such as life and disability cover, funeral benefits, private health care and retirement planning, you earn loyalty, decrease absenteeism, increase productivity and secure staff retention. In addition, by having appropriate employee benefits, you ensure that should any of your staff suffer a life changing event, that it will not become a liability to your company. By giving your employees tailored-made benefits, you can ensure their peace of mind in terms of their family’s financial security.
Professional Indemnity & Liability
We understand the complexity of risks that an organisation and its leadership face on a daily basis, especially in today’s evolving legal and regulatory environment.
Whether you’re a publicly traded or privately held company, our team ensures each client receives individualised attention, looking at all potential risks given, both obvious and hidden, a customized solution that protects your interests and assets can be done.
Afken Risk Management offers:
- Broad form public liability and products guarantee
- Financial Institutions ,bankers blanket bond and computer crime for financial Institutions
- Directors’ and officers’ liability, errors and omissions and fidelity guarantee
- Single projects, non cancellable broad form contracting liability and professional indemnity insurance for specific construction projects for the duration of the contract.
- Professional Indemnity indemnity insurance for the traditional and emerging professions as well as medical malpractice
- Personal accident ,contingency ,medical insurance, motor, risk managed commercial motor fleets and group personal accident.
- Top up personal and commercial liability ,liability for fare paying passengers and excess third party motor liability.
Speciality & Niche Commercial Short Term Insurance
- Hull All Risks Insurance
- Hull War and Allied Perils Insurance
- Third Party and Passenger Legal Liability Insurance
- Hull Deductible Insurance
- Aviation Hangar Keepers and Products Liability Insurance
- Aerodrome Liability Insurance
- Loss of Use Insurance
- Personal Accident Insurance
- Flying Schools
- Flying Clubs
- Corporate Aircraft Owners
- Commercial Helicopter Operators
- Airlines
- Charter Companies
- Private Aircraft Owners
- Aircraft Maintenance Operators and Airports.
We offer crop and asset insurance for the agriculture industry ,with tailor made policies and solutions for the specific needs of the industry.
This includes cover for:
- Crop – Basic insurance (Hail and multi peril crop) and specialised insurance (stored grain, fire on veld, orchards and sugar cane)
- Assets – Basic insurance and specialised insurance ,covering livestock, irrigation systems, goods in transit etc.
This policy is ideal for guesthouse or bed and breakfast owners, offering you a comprehensive product for your business and private premises with a number of extensions to further enhance the insurance offering.
Tourism, leisure and entertainment industries
Clients whose businesses do not fall within the definition of a guesthouse but who none the less derive their income from the tourism industry (e.g hotels , conference centres, events , golfing clubhouses) can fulfil their insurance needs under this flexible product.
- Contract works
- Erection: All Risks
- Plant: All Risks
- Advanced loss of profits following machinery breakdown
- Deterioration of stock
- Works damage
Afken Risk Management offers comprehensive cover for the transport Industry including light and heavy commercial:
- Fleets
- Trucks
- Busses
- Cover for pollution clean up
- Excess reducers on accident, theft and hijacking
- Own Damage Excess Buster
- Loss of use/downtime
- Credit shortfall cover
- Deposit protector
- Goods in transit hijack excess reducer
- Extended wrekage removal
- Cross border towing
Medical
- Dental
- Physiotherapist
- Optometrist
- Veterinary Practice
- Orthodontist, Chiropractors
- Psychiatrists
- Audiologist
- Surgeons
- Accountants
- Lawyers
- Auditors
- Management Companies and Consultants
- Architects
- Consulting Engineers
- Property damage
- Theft
- Machinery breakdown
- Business interruption
- Professional liability
- Legal assistance
- Workers’ compensation
- Residential blocks of flats, townhouses and cluster home developments
- Office blocks and office parks
- Retirement villages ( Excluding frail care liability)
- Any combination of the above , including commercial risk, provided that the commercial content does not exceed certain percentages of the full replacement value.
Key Man Insurance (Key Person Insurance)
Business owners often insure the company against the loss or damage of its property on the basis that office equipment and inventory are valuable assets and rightfully so ,however, such assets may not be as valuable as key employees.
Consider a top salesperson that is unsurpassed at bringing in new accounts, or a manager who handles the day to day operation of the business. Key employees like these are a firm’s most valuable resource.
If something were to happen to a key person where they were no longer able to do their job due to death, disability or severe illness, profits could be impacted and there might be considerable costs incurred in recruiting, hiring and training a suitable replacement.
For more information on Keyman Insurance click here.
- Business Owners
- Shareholders
- Property Owners
- High Net Worth Individuals
Medical Aid (Group)
Have you taken a good look at, and reviewed your company’s benefits package lately? Is it up to date, competitive, in line with or better than your competition?
If it’s been a while, maybe you should. It’s one of the best culture-defining, recruiting and retention tools you’ll ever have.
Your employees are your business’s biggest asset. By providing benefits, you are not only recognising their value, but making their futures a little more secure
Commercial Insurance Policy
Afken offers carefully designed products around the unique needs of your specific business.Types of businesses covered by this product:
- Travel agents
- Estate agents
- General office
- Training center