Protecting Business From Financial Disaster

Many businesses will have some form of borrowing, whether its a traditional loan to purchase an asset, like machinery or a building, or some form of leasing arrangement. A business will need to pay this back in just the same way as a Mortgage, so arranging for sufficient money to be made available should the company owner die, or making sure bills are paid through illness, are essential for any business owner.

Individuals can be insured too, subject to their role and how important they are to the performance of the business. Key People can be protected, to allow you to fund their replacement and/or loss of income to the business. Also don't forget the business owner themselves, many small business are 1-person operations and their involvement in the day-to-day running of any business is so crucial.

Depending on the set up of the protection and the business - if the premiums are paid by the company, then they will be a cost and as such will reduce the company corporation tax bill (so you in effect get a discount). However, for any claim, the financial benefit may be treated as an income, and therefore may be taxed. Time to get some advice if you are thinking about this!

Definitely - Life Insurance (Death In Service) is a popular benefit, as this can provide the family of the employee with a lump sum to replace lost income. There is also other benefits like Private Medical Insurance that can be offered across the company for some or all staff to benefit from. Best to have a chat about your ideas and how we can help.