Our business protection insurance protects your world of work. For example, if you’re the director of a business, all your time probably goes into the day-to-day running of your company.
Planning for the future is essential, whether it’s financial, looking at future recruitment needs or bigger premises.
Business protection insurance is one thing many directors overlook, though. And it can have far-reaching consequences.
If you were to pass away unexpectedly, is there a business and financial plan in place?
For example, would your company have enough capital to pay out your share to your chosen beneficiaries/estate? And what would happen to the business and your family if this money wasn’t readily available? Don’t leave it to the people you care about to have to figure things out.
The last thing anyone wants to do when they’re grieving is to deal with legal matters and additional worry.
And from a business perspective, the other directors may be left with no option other than to try to raise capital in a short space of time.
Business protection insurance isn’t just for when a director sadly passes. Businesses of all sizes have people in key roles with a depth of knowledge and experience that’s hard to replace.
If you had to take a significant amount of time off due to illness, is there someone who could adequately fill your shoes while you recovered?
The other thing to consider is whether the company could afford to pay you while you were off sick whilst also employing your temporary replacement.
The solution to these potential issues wreaking havoc in your organisation is to get the right business protection insurance in place.
Shareholder protection cover, for example, ensures that your director’s share would be paid to your beneficiaries if you were to pass away. So the remaining directors wouldn’t need to explore options to deliver this.
Another critical part of business protection insurance is key man cover. As mentioned earlier, when a director or key person goes off ill or passes away, there can be financial consequences too. Having this cover in place supports the cost of replacing the person affected.
The benefits of having business protection insurance for your organisation include:
As well as putting a new policy in place, renewal is crucial as your business expands. Taking the time to get the right level of cover in place will save you headaches further down the line.
Because your personal and business life forms part of your overall financial health, we offer complimentary estate planning advice, so every aspect of your money is covered.
Prepare for every eventuality and ensure that if the unexpected happens, everything will slot into place to ease the burden on others.