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Protecting your business from possible risks

If you have worked hard to build up a successful company, it will be critical to protect your business and its employees from key risks. Unividual’s expert advisers can assist you with insurance planning and business insurance quotes. Get business insurance advice

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. Our aim with business insurance planning is to figure out the possible situations that could arise, so that the right cover can be found to insure your business.

Life insurance for business owners

If you are relying on the equity in your company to fund some or all of your retirement, business insurance planning becomes increasingly important. Tax-exempt life insurance policies are available, which can be a way of mitigating the tax on any retained earnings. Our advisers can assist you with life and business insurance quotes, to help you find the right cover for your circumstances.

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.

Protect your business from risk

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. Key person 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 in business insurance planning

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 for insurance planning, we will work hard at tailoring them to your unique set of circumstances, objectives and what your business needs. For business insurance advice, get in touch with Unividual today.

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