Business insurance protects what you’ve worked hard to build
Building your business never stops. Protecting what you’ve built so far is equally important. As businesses grow, it’s vital to ensure all that hard work isn’t lost in an instant – which is where different types of business insurance are key.
The right insurance can help protect your business against the loss of key personnel and the revenue they generate. It’s normal for a business to rely on several key people who they’d find it difficult to operate without. Ask yourself:
Business continuity cover can provide a monthly benefit payment to help keep your business running should you or any key staff become disabled because of illness or an accident.
Most businesses protect their physical assets such as their equipment, plant, stock, and buildings. Often overlooked is the human factor, which provides the skill, initiative, drive, specialist knowledge, and ingenuity to make the business a success.
Often, your ability to repay any debt is dependent on key people. If a key person dies (such as a top salesperson) or is unable to work, your business may have difficulty meeting its loan commitments. Additionally, lending institutions may need to rely on personal guarantees and supporting security. Ask yourself:
To protect yourself from risks associated with business debt, insurance is available to:
On the death of a shareholder, it's possible that the shares could pass to a person you may not know or trust, and who could have no knowledge of your business – or no interest in it! But because they now own a share in your business, they would have just as much say as your fellow shareholder before they died.
To solve the potential issues mentioned above, typically a robust buy-sell agreement is best to be supported by insurance to an agreed value on each business owners interest, as determined by an annual valuation. For example, if a business is equally owned by two owners and is valued at $300,000, the sum insured on the life of each business owner may be recommended to be $150,000. Annual reviews will ensure the sums always reflect the market value of the business. Of course, it’s best to confirm this with an adviser.
A wide range of business insurances are available. These different types of cover are continually evolving to suit the changing business environment, and include the following:
No two businesses are the same. That’s why a ‘one size fits all’ insurance policy most often doesn’t work. Policies we have access to are from a wide range of providers and are designed to meet a wide range of needs - from simple to comprehensive levels of cover.
As we’re not an insurance provider and aren’t owned by one (unlike some financial advice firms) our team of financial advisers can access all the best insurance providers across the country to ensure your business’s needs are met with the right level of cover to suit your developing needs. So that you know our advisers (in this instance often referred to as an insurance broker) are truly putting your interests first, our advisers are all paid a salary instead of commission. They also have no incentive to promote one product over another.
Managing the risks your business faces each day is a crucial role for everyone in business. But when you're busy running a business, you don't want to have to worry about whether your insurance will provide enough cover if the worst happens. So what have you got to lose by checking your situation? For a free, no obligation initial consultation with an adviser (in this case often called an insurance broker), call 0508 232 663 or leave your details below and we’ll get back to you within one working day.
If you’re ready to get on the road to wherever you want to go or a Financial Health Check, now’s good. Tell us how we can help and we’ll be in touch.