Running a business
You, your vehicles, office space and equipment, inventory and indispensable employees or partners are your businesses greatest assets. It doesn’t make good business sense to fail to protect these assets and the hard work you and your team have put into running your business.
If one of the partners, or key employees in your business dies or becomes disabled, would your business be able to successfully survive? It’s important to also ask yourself if you would have sufficient funds on hand to cover the costs of any emergency that could arise in your company.
With the right type of business insurance, you can have peace of mind in both your personal and business life that you are able to pay the bills, and the bottom line of the business won’t be drastically affected should anything happen to its key people.
Get the right insurance for your business
Making sure you have the right business insurance can provide peace of mind. By considering the different types of insurance that can protect your business from potential risks, you can ensure you don’t let the loss of a key person shatter your business’ success as well as the livelihood of your family.
Here’s a look at the different types of insurance available for business owners, partners and key employees.
You have a business partner
In the event of your business partner passing away, partnership insurance gives you the ability to buy your partners shares. This enables to business to stay in your hands, and continue running as before.
Your business has 5+ employees
- Employee Benefits:
Business owners need to have plans in place to protect their staff from unexpected death and illness by covering their health and wealth as part of the company benefits package. Business owners can make their firm attractive to new staff by ensuring their employees are covered by medical and life insurance policies, as well as pension and voluntary benefit schemes that can help to make their staff feel secure for the future.
Your business heavily relies on it’s key employees
If the day-to-day running of your business relies heavily on certain key people, you can take out key person insurance to protect the profitability of your company against the death or disability of these key members of staff.
You are the sole proprietor of the business
- Life Insurance
In this case, the business owner is personally liable for all of the businesses debts. It’s advised sole proprietors take out a life insurance policy to ensure their family is protected in the event anything happens to you, the debts of the business are not a burden for your family.
- Disability Insurance
Should you become unable to work due to an injury that causes disability or illness, disability insurance will provide you with income for a specified period of time to help you pay the overheads of the business whilst you are in recovery.
- Critical illness cover
This type of insurance will provide you with a lump sum cash payment if you are diagnosed with a critical illness. This will enable the overheads of the business, and any debts incurred to be managed whilst you focus on getting better.