Key Person / Business Protection
What is Business Protection?
It's a way of protecting the key assets of many businesses in the today — their people.
Companies readily take out insurance on their physical assets such as business premises, plant and machinery, computer equipment and vehicles. This is so they can afford to replace those assets and ultimately minimise any business disruption which could lead to a loss of profits.
But companies often overlook the fact that one of the most significant factors in their success is their employees. Most companies will know which employees are vital to their success, so should think about the financial impact if they were to die or become critically ill. It's also something that sole traders need to consider — because they trade by themselves without the use of a company structure or partners, they're entirely liable for the debts of the business.
There are five elements to business protection:
· key person insurance
· director/shareholder protection
· partnership protection
· business loan protection
· sole trader protection
These can provide an essential safety net for businesses of all sizes.
If you want to know more, please phone us on 01424 858128 or email to office@informedfa.co.uk.