Is your business properly protected? Have you ever stopped to think about what might happen to your business if you lost a key member of staff? The financial effects of losing a key person through critical illness or death within a business can be severely detrimental to the long term viability of your business. Whether your business is a sole trader, partnership or limited company, it is important that you prepare for any eventuality.
You might already have insured your premises, equipment and stock, but what about the people that play the biggest part in your organisation’s success? As an example, if your best sales person became critically ill, how would the income they bring to your business be replaced?
Perhaps you already have insurance for your key people in place, but does it offer real value? There are products on the market that offer a ‘menu’ facility, which means you can pick and choose different types of cover in one plan to suit your exact needs and budget. This can give you more comprehensive cover and can even help reduce the cost. Some products even offer more than just a financial pay out, such as help in finding a temporary replacement.
Partnership and Shareholder Protection – this is a type of insurance which gives the owners of the business a cash sum to buy the share of a co-owner who becomes critically ill or dies.
Key person protection – this insurance is against the loss of profits that could result from the critical illness or death of a key person, and will pay out a cash sum so the business can continue trading.
Loan Protection – this is another insurance which is to make sure a loan is repaid on the death or critical illness of a key member of the business.
Even a small amount of cover is better than having none at all. Without any business protection you could end up risking everything you’ve worked so hard to achieve.
At Tanner Financial Services, we help identify those key people and offer advice on insurance policies that offer financial assistance to safeguard the longevity of your business.
If you are looking for a business protection or mortgage broker in Bristol, London and the UK, get in touch with us at Tanner Financial Services to arrange a consultation. Together, we can identify how you can protect your business from the impact of key people suffering a serious illness, injury or dying.