Protecting your earnings
Running a business can be exciting and rewarding, but it also brings responsibility and risk. You may want to consider what would happen if you, or a key person in the business, became seriously ill or died unexpectedly.
Business protection insurance is designed to provide financial support to the business in those situations and can help it continue trading at a difficult time.
I’ve also seen the impact personally. When my mother passed away at 59, her employer had protection in place and funds were made available to us quickly, which helped ease the practical pressures at an already emotional time.
It highlights how important planning ahead can be.
That’s why I encourage clients to consider business protection carefully. The cover should reflect your business structure, the people involved and what you want to safeguard. With a wide range of policies and features available, it isn’t always obvious which options are appropriate.
I’ll take the time to understand you, your business and your priorities, then explain the choices in clear terms so you can decide what feels right. Any recommendation is based on your circumstances rather than a standard approach.
We can book a follow-up appointment if needed to review your personal protection plans too!
How to start the process
Initially we'll sit down together and have a relaxed conversation to review what you already have in place, then identify any gaps so your protection supports both you and the people around you.
We’ll look at:
Your assets and liabilities
We’ll consider how debts such as loans, overdrafts and director’s loans could be dealt with if death or serious illness occurred, helping reduce financial pressure on the business or your family.
Key people
Most businesses rely heavily on certain individuals. We’ll explore ways the business could continue if someone important were unable to work, whether through cover for replacement costs or protection against a drop in turnover.
Employee benefits
Benefits such as sick pay, death in service or private medical cover can form part of a wider package to support and retain staff. We’ll review what may be appropriate for your business.
Your exit strategy
We’ll discuss what you would want to happen to the business in the future, including ownership changes due to retirement, death or ill health, and how this links with longer term planning.
Ways to pay premiums
Where suitable, we can consider different payment structures and any available tax allowances.
Once I understand what you need, I’ll research suitable options and come back to you with my recommendations.
If you’re arranging protection for the first time, or reviewing existing cover, you’re welcome to get in touch to arrange a meeting.
- Tax planning, estate planning, exit planning, succession planning and some employee benefits are not regulated by the Financial Conduct Authority