As a business owner you know how important it is that your company continues trading, even during challenging times. Keeping it in good shape now will help protect its finances in the future.
Business protection can come in many different forms. The solution that’s right for you will depend on a variety of circumstances such as the structure of your company, its size, and turnover.
We understand the importance and influence a business can have within the local community. Our goal is to get a full picture of the risks your company may face, and help protect you from them.
The key to our exceptional service is our people. We have expertly trained and experienced staff who are friendly and empathetic in understanding the needs of your business.
Getting advice can help you to find the most appropriate protection solution for your needs.
Our financial advisers will identify the areas of protection that need addressing, taking into account any existing policies you have in place.
Our advisers will recommend a solution and arrange for it to be implemented to ensure your goals are focused on your business and its structure.
Our consultants are specialised in crafting the best business protection service for your business. They have years of experience and knowledge.
After undergoing a thorough fact-finding exercise, our consultants can then determine your business protection needs accurately and the levels required.
We have four main areas within business protection, as stated below.
Much like how a business insures their premises and stock, it is also essential to have some level of protection for critical people within the company. Key individuals are vital to the future success of any business.
Key person cover protects your business against the financial implications of losing a key member of staff.
The majority of businesses have some sort kind of commercial debt – it could be in the form of a mortgage, overdrafts, or loans.
Business loan protection allows business owners, partners, or directors to insure against any outstanding liabilities should the worst happen to a business owner, partner, or key person within the business.
This is for businesses that have been set up in such a way that partners and/or directors have shares within the company.
The main purpose of shareholder protection is to help the company buy back shares, in case of something happening to a shareholder, subsequently ensuring they are kept within the business and not externally purchased by someone.
Partnership protection gives partners in a business the reassurance that if something was to happen to one of the partners which left them unable to work in the business anymore, the remaining partners would be able to purchase their share of the company without having to sell personal or business assets to find the funds.
This policy also ensures that the affected partner’s beneficiaries are financially compensated and avoids their share of the business falling into the hands of an inheritor with little or no interest in the business.
How long to be covered for will depend mainly on why the protection is needed. Our advisers can help by taking the time to find out about your business and searching the market for the most appropriate solution.
This will vary hugely depending on why it is required. Getting advice is very useful for establishing how much protection to get and the most appropriate type of cover.
Covid-19 has highlighted the importance of protecting businesses and decisions made. As well as contingency plans, it also means having appropriate management liability insurance (MLP). We explore directors’ liabilities and how MLP can mitigate financial losses.
Credit insurance compensates businesses when customers default on payment or become insolvent. We explore how agricultural and horticultural credit insurance can safeguard your farm or food business from financial loss.