What is Business Protection?

Business protection helps to protect your client’s business should a director, partner, member or key employee suffer a critical illness or die. Having this financial protection in place is vital in allowing businesses to recover quickly and minimise the impact should the worst happen.

Any business, large or small, is likely to face the unexpected at sometime. But your clients can reduce their risk by planning ahead. Whether your client is in a partnership, limited liability partnership (LLP), a sole trader or a company, we’ll take you through what you need to know when advising your clients about the importance of having adequate business protection in place.

• Key person protection – to protect against loss of revenue if a key employee dies or can’t work because they’re critically ill.
• Ownership protection (also known as partnership and shareholder protection) – to help the other owners keep control of their business if a shareholder dies or is critically ill.
• Loan protection – to help repay outstanding financial commitments, such as director loan accounts or bank overdrafts, if the worst should happen to a key person or shareholder.

If you’d like more technical information on the different types of business protection call Asset Harbour on 01276 986333 today.