Your business is worth protecting: it’s your creation, your vision, your livelihood. And as you know, entrepreneurship always entails some level of risk – risks that you can comfortably take to grow, and risks that could jeopardise your business’ future.

A SHARE adviser can help you identify the most likely risks, and put an appropriate protection plan in place to minimise the financial impact. To get you started, here are some common scenarios to consider.

Loss of a key staff member

Behind any successful business, you’ll usually find great people – key people. So, who are the key people in your business? And what would happen if they became unexpectedly ill or passed away?

The sudden loss of a key staff member can lead to loss of profits, as well as the extra costs and expenses associated with finding a replacement. A SHARE insurance adviser can recommend a solution to this. For example, you may look into Key Person Insurance, which provides a regular benefit for an agreed period of time.

Business succession planning

If you have a business partner or shareholders, what would happen if they suddenly passed away or became disabled? Would their family take over the deceased’s shares?

Business succession planning can be a complex area, requiring the specialist knowledge of your SHARE adviser. They might recommend a set of insurance and non-insurance solutions, to give you certainty over the future control and ownership of your company.

Employee benefits

Your team are your business’ biggest asset. To take care of them, you may consider offering group insurance as part of your employment package. Employee benefits can be tailored to different levels, and as such, they can be a great incentive for talent attraction and retention.

If you’re interested in this opportunity to differentiate your company’s brand, a SHARE adviser can help you customise an Employee Benefits programme to your organisation.

Covering business expenses

As a self-employed person and business owner, making sure that the running costs of your business can be maintained is crucial.

Unfortunately, some things – like poor health – cannot be predicted. But if you suddenly fell ill and couldn’t work, an appropriate insurance plan could help you mitigate the financial impact on your business.

A SHARE adviser can give you more detail about which business expenses are eligible for cover, and recommend a suitable option to ensure that your business’ future is protected.

We’re here to help

These are just some of the key scenarios you may want to consider, when taking out business cover. A SHARE adviser will undertake a comprehensive needs and risk assessment, before recommending a suite of protection tools.

Like to learn more? Click here to find your local adviser.

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.