Most small and medium sized businesses understand the need to manage the risks they face every day. They insure their premises, equipment and stock against fire, flood and theft. They insure their vehicles. But many don’t stop to think what would happen if they lost their most important asset – their people.
But it’s not just about the loss of profit a business could suffer. What would happen if one of the owners dies or suffers a critical illness? Who would take their place? Would that person have the skills necessary to fill the role? Would they want to?
Some of the problems the business may also face are:
• loss of profits
• the cost to recruit or train a replacement
• loss of important personal or business contacts
• difficulties in meeting existing loan repayments
• loss of confidence from suppliers and customers
• difficulties in raising new finance for new developments
• loss of detailed knowledge of the businesses processes and systems
• having to repay a loan the key person has made to the business
• loss of goodwill.
Having the right protection in place can help to ease all of these problems. Business protection is designed to protect businesses against the effects of losing one of their key people or one of the owners through death, critical illness or temporary disability.
We are specialists in this field with a wide experience of dealing with businesses, one of our core markets. We have also dealt with cases where the cover we put in place has provided a lifeline for businesses to continue trading during periods of adversity.
Whether you are a sole trader, partnership or limited company and would like to know more, then please either use the form n our contact page or the number above to benefit from a corporate analysis tailored specifically to your type of business.