Protecting your business from possible risks

If you have worked hard to build up a successful business, protecting the company and its people from key risks is critical to continued success.

Areas of insurance planning

Business owners face a unique set of challenges when it comes to protecting their enterprise and the people within it.  As well as putting insurance in place to cover the key physical assets of the business, you need to think about how the business would cope if it lost a key employee and the impact this would have on you and your family. You also need to think about what would happen to the business and your family if you were to become ill or injured.

Life insurance for business owners

If you are relying on the equity in your business to fund some or all of your retirement this becomes increasingly important. Tax-exempt life insurance policies are available, which can be a way of mitigating the tax on any retained earnings. Tax treatment varies according to individual circumstances and is subject to change. The Financial Conduct Authority does not regulate taxation advice, trusts or will-writing.

Utilising key person insurance

In most circumstances, a business can be very reliant on key people. Much of the income might rely on the skills of a group of employees, such as a top account manager, technical specialist or salesperson. So, if these people became seriously ill or injured, it could have a considerable impact. Insurance can protect a business from this potential risk.

Key person insurance offers a term life insurance policy on the life of a key employee so that if something happens to them, the business will receive a lump sum to help it cope until a replacement is found. If you, as the business owner, are key to your business, it is also worth considering disability insurance for yourself so the business will still have an income if you are unable to work. You may also want to put critical illness insurance in place, which will give the business a lump sum if you are diagnosed with a critical illness.

Protecting your family

There are so many options to look at in and around protecting your family too, such as insurance policies that allow your spouse to buy out your share of the business if you die. With so many different opportunities and strategies, we will work hard at tailoring them to your unique set of circumstances, objectives and what your business needs.

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