Protecting your

As a business owner there are a lot of pitfalls you need to avoid, as they can severely affect how your company operates day-to-day. Some could even bring the business to a premature end.

We often take our everyday lifestyle for granted, assuming our jobs, income and businesses will continue and that we’ll always be in good health. Unfortunately, this isn’t always the case, so it is vital that you take steps to ensure that your business is fully protected in case the worst should happen.

Here are some things you should be thinking about:

Death of an owner

• What would happen if a Partner or Shareholder died?
• Would you want their family running the business?
• Could you afford to buy them out?
• What agreements are in place between the owners?

Death of a key employee

• Would profits be hit if a top performer is taken out of the business?
• How big a loss would this be?
• What would the costs be to source a suitable replacement?

Bank calling in loans

• Does the business have debt?
• Are the loans properly protected?
• Is cover in place to stop the bank calling in loans?

Tax efficient cover

• Who is paying for any existing business protection cover?
• Is it tax-efficient?
• 50% savings are possible under certain life cover plans

The Financial Conduct Authority does not regulate advice provided to businesses.

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