Business Survival Planning
If something happened to you, your co-owners or employees, could your business survive?
A study by Legal and General shows 40% of businesses would fold in less than a year following the death or critical illness of a key person.
The loss of a key person within a small or medium-sized business can cause unexpected costs at what would be a difficult time. Not only would the business have to fund the cost of recruiting and training a replacement, but it would also risk suffering:
Business protection insurance can help mitigate or even avoid these risks altogether.
As a business owner, you should know there are three main types of business protection:
There is also the option for relevant life insurance in trust. Although this is not technically business protection an agreement can be made which specifies the terms on which proceeds can be used.
Critical illness cover should also be a consideration, as long-term or permanent absence from work, could cause serious financial pressures to you and your business
People are the biggest asset to any business and Business Protection Insurance is designed to keep your business trading should you lose the people responsible for your profit margin.
For further information or advice on setting up a business protection policy please get in touch.
Face to face advice.
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