Every business is different, but most small businesses have one thing in common – they rely on specific individuals to operate. If your company has a loan or an overdraft, you might find that the bank wants to recall your facility if a key member of staff dies or becomes ill. Often this is the time when the business needs the money most.
It’s a good idea to consider what debt your business has and the loan facilities that it might need and put provisions in place to ensure these are repaid on the death of one of the business owners. Over 50 per cent of business owners have no protection cover for their corporate debt, yet paying off debt quickly through loan protection is an ideal way to improve cash flow and can provide the business financial breathing space to reorder their affairs without additional pressure on the company finances.
Most business owners will have insured their buildings, contents and stock, however business protection can be something that is easily overlooked. It’s easy to think it’s something that ‘can be left till later’ but you never know what’s around the corner……
Speaking to an advisor from the Expert Insurance Group is a great place to start. An advisor that specialises in business protection will look at your current and future financial business plans and help you decide on the type of protection that is best for you as an individual and your company. Then we’ll help you set up a suitable trust that will make sure that your wishes are carried out.