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Business Protection - Business Finance

 

Business Protection - Business Finance

 

About Business Protection

Mot many businesses have the right cover in place to protect themselves if a key employee, shareholder or partner becomes critically ill, dies or is unable to work due to long term disability and face potentially devastating financial consequences should such a catastrophe occur.

Most businesses are likely to already have arrangements, such as succession planning, employee benefits, share schemes and bonuses in place to help safeguard against key people leaving or being headhunted. They will also have insurance to safeguard assets such as their premises, vehicles, stock, equipment, information and systems, but very few businesses appear to fully understand the scale of threat of the loss of a key employee could have on their company as a whole.

Businesses need protection for exactly the same reasons as individuals. If there is a death or critical illness in a family or business both could be severely affected. When people think about key employee cover, life cover is often the benefit they think of first but critical illness cover is just as important because the financial impact on the business is the same.

Make a list of potential events that could affect your business. This could include the photocopier blowing up, having a company car written off or a fire at the office. Now rank them in order of financial impact and consider which are actually insured against.

Businesses will usually have some sort of disaster recovery and sales and marketing plans in place for future growth of the business but are unlikely to have planned or even thought about the consequences of the death or serious illness of a partner or shareholder. These events can clearly have a devastating effect on any business.

Setting aside a tiny fraction of monthly costs for life and critical illness cover will help to safeguard against any possible threats and could provide enough to cover the loss of profits, recruit a replacement and the costs of a having a consultant filling in during the gap. It is an easy process as taking out any other type of insurance and the fundamentals are all quite similar regardless of the type of business.

If you need to learn more about business protection you should contact an independent financial adviser who will advise on an appropriate solution to ensure all your assets are protected.

 

List of Business Insurance Providers

 

OCIS provide general financial information, we urge you to consult an Independent Financial Adviser ( IFA )
before making any important decisions about your finances.