Essentially, Business Protection protects your business if a key person, director or partner died, was affected by a terminal illness or permanent disability. Running your own business can involve many uncertainties and Business Protection can help ensure your business would continue to run under these difficult circumstances.
Why do I need it?
Most businesses understand the importance of insuring their offices, equipment and vehicles yet forget about arguably the most important asset……….their people. Think about the individuals in your business whose knowledge, skills and invaluable experience are vital to your business and profits. All businesses, regardless of size or type of business, have a need for some form of Business Protection.
Examples of Business Protection
Loan Protection – Protecting any loans in the event of a death or critical illness and helping your business to pay any outstanding debts.
Shareholder Protection – Providing cover if a shareholder dies or suffers a serious illness and allows the surviving shareholders to purchase their shares. This is vitally important to ensure the ongoing smooth running of the business and also provides benefit to the shareholders’ dependents who will ultimately receive the proceeds of the protection plan.
Key Person/Employee – Providing a cash injection to your business should a key person die or be affected by critical illness. Think about how your business would be affected and the consequences of not being covered.
How Wow Can Help
There are a wide range of business protection products available and Wow can help you find the best policy to suit your needs, to ensure your business is protected and to give you peace of mind so you can concentrate on your business……….
Contact Wow to speak to one of our Financial Planning team.