Being unable to work poses a huge risk for a large number of Business Owners.
Having a Business Continuity and Protection Plan is therefore crucial to counter this risk.
This will make the business more financially resilient should the worst happen – The loss of key people through sickness, serious illness or passing away.
In simple terms, Business Protection plans are made up of what are essentially every day insurance products such as –
- Life Insurance
- Critical Illness Cover
- Income Protection
These are re-purposed to create products such as –
- Shareholder Protection
- Key Person Cover
- Debt Cover
These help the business –
- Protect ownership and control
- Protect profit
- Repay and/or service debt
In the event of a claim, the business will receive a much needed cash injection to minimise any disruption.
This could be used to protect profit, cover the costs of finding a replacement / locum or service existing debts.
