Business Protection is not something that we generally talk to clients about (and not products that we offer) but following a recent meeting the whole topic of Business Protection came into much finer focus.

Some food for thought…

Key Person Insurance

• There are often key individuals that make a big contribution to the success of a business.
• Losing one can have a serious impact on the financial health of the business.
• Key Person Insurance is designed to help protect your business against just such an eventuality.
• SME insights (SME State Of The Nation research conducted by Legal & General): –
• 70% of business owners believe that they would cease trading in less than 2 years with the loss of a key person.
• 59% think that they would cease trading within 12 months.
• 60% of businesses said that they had 3 or more key people.

Ask yourself – how many key people are in your organisation and how would the business be impacted if it lost a key person or worse still key people? Would this cause you an issue?

If the answer to that question is yes, then please click here for advice from our trusted partners.

Income Protection

• For many business owners becoming unwell or suffering an accident which prevents them from working is a significant threat.
• Fortunately, insurance products do exist to protect you from the risk of loss of income.
• You could receive up to £25,000 per month.
• Dividends can count as income.

Ask yourself – statutory sick pay is £99.95 per week for a maximum of 28 weeks. If you were unable to work, could you survive on that amount.

If the answer to that question is no, then please click here for advice from our trusted partners.

Business Loan Protection

• If a business owner dies or suffers terminal illness, lenders may have the right to demand that any outstanding loans are paid back.
• Business Loan Protection can provide peace of mind because it provides a lump sum to cover your business loans. This can include commercial loans / mortgages as well as director’s loans and personal guarantees.
• SME insights (SME State Of The Nation research conducted by Legal & General):-
  • 80% of business owners have not taken out any insurance to ensure that directors loans could be repaid.

Ask yourself – have any individuals provided guarantees for business borrowing? If the answer to that question is yes, then please then please click here for advice from our trusted partners.

Private Medical Insurance

• Business health insurance or private medical insurance (PMI) is a policy that provides access to private health care for small business owners , their employees and families.
• SME insights (SME State Of The Nation research conducted by Legal & General):-
• 47% of UK employees see medical insurance as a key part of an employee benefits package

Ask yourself – Might health insurance improve the wellbeing of your team and reduce absences?

If the answer to that question is yes, then please click here for advice from our trusted partners.