Small Business
For any small business insurance issues can seem overwhelming, whether you are a home-based sole trader or employ several people at a separate workplace.
And it’s not just small business medical insurance that you have to take into account. Do you need public liability cover or professional indemnity protection? How much do you need to insure for? What would it cost to replace everything your business owns?
If you employ people, you also have to protect your business in case a staff member sues your organisation for an injury incurred at work. Legally, this cover must be worth at least £5m.
Public liability protects you if a member of the public is hurt or property is damaged through your business’s actions. It’s generally available as insurance for small businesses, providing cover worth £1m upwards.
Professional indemnity means you are covered if you offer professional services and make an error which costs your customer money. In recessions, there can be increased legal action by clients, some of whom may sue a supplier rather than sticking to the contract they have agreed to.
By breaking down each element of your business, you begin to appreciate the risks and the chances that they could affect your company. You can then arrange your small business cover with our dedicated advisor.
Business Protection
Good financial planning can help determine the success or failure of running a business. To help ensure the survival of your business it’s important that the business has suitable protection in place.
Business protection insurance is a way of helping to protect against possible financial losses in the event of the death or critical illness of a business owner or key individual.
It can help ensure that your business survives and continues trading during difficult circumstances.
To help ensure the long term financial security of your business in the event of losing key people to death or critical illness, speak to us today to find out how we can help.
The solution could be:
Key Person Protection, covers the business against the loss of a key senior member of staff arising from death, critical illness or disability. How would your business cope if a key member of staff was suddenly lost or unable to work? Sales could be lost, contracts delayed and time and money spent recruiting a replacement and in training. Key person cover can’t replace that person, but it can provide cash at that critical time to replace lost profits and cashflow.
Key Person Loan Protection, If your business has taken a loan the ability to service that loan could be jeopardised by the loss of one of the key members of the management team. The loan might be personally guaranteed, or maybe a director has lent money to the company that he, or his estate, would need to be repaid ahead of plan. Key person Loan Protection can provide this cover against death or critical illness.
Shareholder Protection – Can provide a solution to support a business so that, in the event of death, critical illness or disability of a shareholder the remaining shareholders can purchase that persons shareholding, enabling the business to continue with minimum interruption and providing an exit
