Business Protection Advice Service
What will happen to your business if you have a catastrophe?
Taken from the Legal and General report called “State of the Nations' SME’s” it found
- 63% of Sole traders would cease to trade IMMEDIATELY if they lost a key member of staff
- 46% of New Businesses would cease to trade IMMEDIATELY if they lost a key member of staff
- 40% of ALL Businesses would cease to trade IMMEDIATELY if they lost a key member of staff
- BUT… OVER 50% of companies have no provision for the loss of a key member of staff
Three more reasons why you should consider doing something about it now!
Reason 1: IT WILL PROBABLY SAVE YOU MONEY! Not always – but that’s the point. We do a Healthcheck and ‘if it ain’t broke..’ But it could save your business!
72% of companies have NOT heard of Relevant Life Plans (RLC) but 60% of those want to know more when it has been explained!
RLC is a product that has been available to SMEs for five years and, if a company Director paying at the higher rate of tax transfers a current £1,000 annual premium personal life policy into a Relevant Life Policy, the potential savings are in excess of £750 per annum or £15,000 on a 20-year term policy. It is really that simple!
Reason 2: WE WILL PROFESSIONALLY REVIEW YOUR CURRENT COVER!
The vast majority of company owners could not, off the top of their heads, tell you what premium they pay for business and personal cover, over what term let alone which COMPANY they have it with. As with other forms of cover – such as car insurance – it is imperative to regularly review policies and test them against current circumstances in order to ensure that the cover is relevant and cost effective at all times.
Reason 3: IT WILL ARM YOU WITH THE KNOWLEDGE YOU NEED TO MAKE INFORMED DECISIONS!
The following are just some of the questions which we will be able to help you answer by the end of the Healthcheck session(s):
- What is a suitable level of Key Person Cover for your business?
- Income Protection or KPC – which is best for you – if any?
- Why should you consider Relevant Life Cover? And in what circumstances might it not be suitable?
- Why should you consider PMI for your employees?
- In the event of your Business Partner becoming critically ill or dying what devices do you have in place to retain financial and management control of the business? (TIP: Shareholder agreements are seldom sufficient on their own)
- Why should you consider Business Protection Cover in any form?