Business Protection

Last post: Apr 12, 2023

If you haven’t already done so, then now might be a good time to think about protection for your business and family now that you have taken on business finance.

Here we have highlighted a few options for you to consider. We are not Financial Advisors, we highly recommend that you seek professional financial advice before making any decisions.

Key Person Protection: Designed to help pay the policy proceeds directly to the business, which can be used to help replace a key person and cover the loss of profits that may occur. The policy proceeds could help a business to continue trading.

Share Protection: Designed to help provide the remaining owners with the funds to purchase the deceased's or critically ill owners share of the business.

Lasting Power of Attorney: A Lasting Power of Attorney is a legal document that authorises your chosen representatives to make decisions about your finances, health and welfare on your behalf if you find that you are unable to do so. For example your chosen attorneys could manage your finances with this document to ensure any loans or debts are still paid. Importantly, a Lasting Power of Attorney can only be made whilst you have mental capacity.

Relevant Life Plan: Designed to be a cost effective way for an employer to arrange Life Cover on the life of it's employees (including owner directors) with the benefit payable to the employee's family or the financial dependants. This can be tax efficient for employers and employees. Subject to meeting criteria.

Personal Guarantee Protection: Designed to protect you, as a company owner or director, when you take out a loan secured with a Personal Guarantee. Taking out personal guarantee insurance means that much of this risk can be minimised as it usually covers up to 80% of the total. Should the worst come to pass, directors can rest comfortably while knowing that their family assets will not be threatened.

Business Loan Protection: Designed to help pay off any outstanding loans the business may have should a main shareholder, director, partner, member or key individual die, or be diagnosed with a critical illness. est business structure, in which you are the sole owner and responsible for all aspects of the business. This structure is relatively easy and inexpensive to set up.

Employer Liability Insurance: Employers' liability insurance covers the cost of compensating employees who are injured at or become ill through work andsafeguards businesses against legal and compensation expenses from employee claims.

If you think any of these options could be useful for you and your business, get in touch with us.

Call Choice Business Loans on 01494 410125 or email: