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Own a business? Why you may need insurance

If there’s anything we know for sure, it is that life’s unpredictable, and sometimes it’s not ‘business as usual’. You never know when something might put your business at potential risk – which is why business insurance is so worth considering. 

And with the help of an expert – like us – you can ensure your safety net is as robust as it can be. Read on to learn more.

One less thing for you to worry about

As a business owner, you may already have a lot on your plate – and scrambling for a solution when business is unexpectedly interrupted is, to say the least, not ideal. 

It can be difficult enough missing out on certain skills and contributions, without having to think about the financial side of things. 

With an appropriate level of cover in place, you could have a financial safety net for the rougher seas ahead. So you can focus on your business, as well as your wellbeing.

Quality advice can play a key role

So, where do we come in? As insurance advisers, we can help you identify potential risks to your business, and recommend a strategy to protect its financial future.

Put simply, we sit down with you to analyse your key insurance needs.  We can do a thorough risk assessment of various scenarios, and really look for the weak spots, an Achilles’ heel, to create an appropriate protection plan for you. 

Here are some key questions we can highlight and help you navigate:

  • Are there one or more staff members who are vital to the operation of your business? And what would happen if they suddenly weren’t there?
  • Could your business cover the cost of replacement staff as well as continue to meet all its other costs (including possibly sick pay for a vital staff member).
  • If any of your shareholders passed away, would your business take a financial hit?

Get in touch with us: as insurance experts, we can help you find an appropriate cover for your unique needs, or understand and review any existing cover the business has.

Cover types for various business needs

No two businesses are the same – yours is unique, and so are your insurance needs. So, it’s key to have an adequate mix and level of cover for your circumstances. Here are some common business insurance solutions to start with:

  • Key person cover – It’s designed to keep a business running in the case of an untimely death or disability of a key team member. This could be the owner, a director, a sales representative – anyone whose sudden absence could significantly disrupt the business. 
  • Business Interruption – This type of cover can replace income lost in the event that business is interrupted due to physical loss or damage, for example caused by a natural disaster or a fire. 
  • Shareholder Protection – If you have multiple shareholders and one passes away, this type of cover can provide the remaining co-owners with the money they need to buy out their deceased colleague’s shares, ensuring financial security and continuity for the business and shareholders. 

As you can see, there are several options available. Which you may need entirely depends on your business structure and needs. Get in touch to learn more.

We are here to help

Business insurance is all about looking out for future needs and pitfalls, and as your advisers, we are here to help you find an appropriate solution for your needs. Get in touch if you’d like to talk.

 

 

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.

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