This does not constitute advice and advice should be sought in all instances before acting on it. The Financial Conduct Authority does not regulate tax advice.
In the event of the death or illness (including a critical illness) of a business owner or key person, it is possible that business activity and profitability will suffer. This could happen to any kind of business, whether it’s a partnership, limited liability partnership, limited company, or a sole trader.
The solution? Consider business protection insurance to prepare for the possibility of something happening to someone important in your business.
Businesses large and small need protection
No matter what size your business is, you should protect it. Whether you’re covering your liabilities or safeguarding your profits, there are ways to shield your business. Without business protection you’re leaving your business partners and family members responsible for your business’ debts when you’re gone.
Business Liabilities could include business loans with personal guarantees or loan accounts owed to a lender.
Key people, such as owners or employees who contribute to the success of the business want to protect things like profits and the cost of recruiting and training. And shareholders/partners will want to cover themselves if a co-owner dies or becomes ill with a serious illness or their family if they are diagnosed with a critical illness or pass away.
Common objections – and rebuttals – about business protection
It might be an extra cost now, but can you afford losing a key person in your business? No matter what your budget, there’s a plan that will work for your business, and a financial adviser can help you find the right policy at the right price point for you.
You might think you don’t really need business protection insurance but how else would your business’ debts be dealt with after your death or in the event of a critical illness? Without insurance there would be no way to pay your spouse the value of your business? If you have a business of any kind, you need business protection.
Just because you already have personal protection, doesn’t mean you’re completely covered. If you became critically ill but recover and need to return to work, would there be a business to return to? And only business protection will ensure your family receives the value of your share of the business.
Getting business protection doesn’t have to take a lot of your time. When you meet with a financial adviser, they’ll help ensure you have all the paperwork and are thoroughly prepared for your insurance application.
If you have the help of a trusted adviser, it doesn’t have to be a complicated process. They can guide you through the whole process and answer any questions you might have.
It protects against the big three
A critical illness could happen to anyone – there’s no way to know some illnesses could be coming, even. And there’s certainly no way to know when you’ll pass away. Illness and death do not discriminate, so, you should have a plan to protect your business.
Business protection will include protection against the most commonly claimed ailments – cancer, heart disease, and stroke.
- According to Cancer Research UK, at some point in their lives, 50% of the UK population will get cancer. And it’s still one of the leading causes of death in the country.
- Coronary heart disease (CHD) affects over 2.6 million in the UK as reported by Heart UK. CHD is actually the most common cause of death in people under the age of 65.
- Strokes, meanwhile, are the fourth leading cause of death in the UK according to the Stroke Association. And 1.2 million people have survived a stroke in the country, with the majority leaving hospital with some kind of disability.
If you could ensure your business is protected from some of the most commonly known serious illness by securing business protection insurance, why wouldn’t you?
Get started today
The benefits of Business Protection insurance far outweigh any potential downsides. A financial adviser will be happy to guide you through the process of obtaining coverage.
Contact us today to obtain a quote so you can assess your options and get your business covered as soon as possible.
Can we help you protect your business?
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