No matter what size your business is, you need to know that your finances would be protected even if an unexpected event resulted in you being unable to work. So how can you build a plan to protect your business?
This does not constitute advice and advice should be sought in all instances before acting on it.
Businesses small and large have key people —usually yourself, the business owner— or anyone who is crucial to the successful running of the company. If something were to happen to one of them, be it a sudden illness or injury, business owners need to have a backup plan for how to keep their finances afloat. Running a successful business, working toward your long-term goals is Plan A, but there’s no telling what life will throw at you, so don’t be caught without a Plan B.
While every business will have its own unique challenges and costs will certainly vary depending on your practice, there are a few key areas every business owner should familarise themselves with.
Private Medical Insurance (PMI)
With Private Medical Insurance, you get more choice and more privacy. In fact, with the right policy in place, should you find yourself needing one, you or your family will be able to choose your own hospital and doctor, as well as access to your own private room. PMI provides quick, on-demand access to medical care. You also get access to treatments that might not be available on the NHS due to cost or not being approved for state hospitals.
Income Protection
If you experienced a sudden loss of income, do you know how long you’d be able to keep paying the bills? With household incomes being squeezed hard by the cost of living crisis, you can’t afford not to have a plan in place to protect you and your family in case you were to suddenly lose your main income. As long as you aren’t able to return to work, you’ll get a portion of your income regularly. Learn more about income protection.
Critical Illness
Similar to Income Protection, Critical Illness insurance is a way to cover expenses in the event that you lose your income due to one of your policy’s covered conditions. It’s another way to guarantee you’ll have the funds to cover your expenses despite illness, injury, or disability. With the lump sum provided upon payout, you won’t have to worry about finances during a difficult time. Find out more about critical illness insurance.
Life Insurance
If at the time of your death you have outstanding debts or expenses, do you know if your dependents would be able to cover these costs? Even if you’ve worked hard to not leave behind any debt, the payout provided by life insurance could serve as a contribution toward the future of your family. Make sure your loved ones are secure with life cover.
Ensure your business is protected
You can’t predict what life will look like in the future. But you can put a plan in place to help you get there, with built-in protection for any unexpected events so your plans won’t be derailed. Having a solid financial plan, especially one that covers your business, will give you the confidence to pursue your long-term goals.
To ensure that your family and business are protected, get in contact with the experts at Dental and Medical Financial Services. We’re here to help you get peace of mind about the future, so get started today.