Congratulations on joining the io.insure platform for a small business M&A insurance policy (Mio policy).
Before you proceed, please read the following information.
Mio is an insurance solution for a Buyer or Seller involved in an acquisition or a disposal of their business.
What does the insurance cover?
The Mio policy covers the risks arising for a Buyer or a Seller as a result of the business sale or acquisition (Covered Risks). The Mio policy is triggered where there has been a financial loss suffered as a result of any one of the Covered Risks not being true. Covered Risks are similar to the types of risks typically found in representations and warranties in a Sale Agreement.
Who can be named insured?
The named insured under the io.insure policy can be the Seller or the Buyer of a business, or other interested parties, including a new company, special purpose vehicle, or a guarantor.
Before you proceed, you will need:
- To appoint a professional advisor to assist you with this process eg insurance broker, solicitor, accountant, or consultant. If you don’t have an advisor, we will assist you by making a referral.
- A draft Sale Agreement between the Buyer and the Seller in relation to the business sale.
- An estimate of the purchase price and an estimate of the preferred sum insured.
Next Steps:We will ask you for information about the transaction and about the target business. There will be a suite of questions on the io.insure platform that must be answered to assist the underwriters in assessing the risk and offering a tailored Mio insurance solution to you.