Protecting your earnings
If you run your own business, you know it can be exciting, demanding, scary and fulfilling. It can also be risky. For instance, what would happen if you or one of your key members of staff fell critically ill – or worse?
Happily, there’s something you can do to protect your earnings, and your business. It’s called Business Protection Insurance and it could save your company from collapse if the unthinkable actually does happen.
Sadly, it happened to our family, when my mother unexpectedly passed away, aged 59. We were very fortunate in that her employer had Protection Insurance, which gave us funds quickly at an emotionally difficult time. What might have happened if she had been self-employed or had no protection in place, I dread to think.
This is why I advise clients to think hard about business protection, but it’s vital to have the right cover for your needs. With insurance there is no such thing as ‘one size fits all’, and there are so many different options that finding the most suitable can be a minefield.
And that’s where I come in. I’ll help you get the right cover by getting to know you and your business, and understanding exactly what you want to achieve.
So how does it work?
Over coffee, we’ll sit down and go through everything you already have in place, identify the gaps and make sure your protection covers exactly what you need to safeguard you and your key team members.
We’ll look at:
- Your assets and liabilities: We’ll go through your options so in the event of a death or critical illness your beneficiaries could pay off any loans, overdrafts and director’s loans. The last thing you want is for them to be called in by the bank and to have your family home re-possessed.
- Key people: Your business depends on people, so we’ll make sure that if something happens they can be replaced or that you are covered should your turnover take a hit as a result. Whether it’s a brilliant salesperson or an indispensable office manager, we’ll make sure everyone is covered.
- Employee benefits: Successful businesses want to attract (and retain) the highest calibre of staff. Perks such as sick pay, death-in-service or private healthcare can put you ahead of your competitors.
- Your exit strategy: Who gets the company – or will it be sold? What pensions do you want in place for you and your staff? If an early exit were required due to death or ill health, what would you want to happen?
- Tax-efficient ways to pay: You may be able to save money on your premiums by paying using ethical, tax efficient methods.
Once I know what you need, I’ll come back within two weeks with the most suitable protection package for you, your business and even your family.
So, whether you’re getting Protection Insurance for the first time, or you just want to make sure you’re adequately covered, let’s meet. It will be one less thing to worry about – and I’ll bring the biscuits!
- Employee benefits are not regulated by the Financial Conduct Authority.
- Exit Planning is not regulated by the Financial Conduct Authority.
- Taxation advice and estate planning is not regulated by the Financial Conduct Authority.
- Tax treatment varies according to individual circumstances and is subject to change.