We’ve written lots of articles over the years that have offered advice on how to grow your business, increase profits, make your life easier, and pay no more tax than you need to. However, all of these things mean very little if you are not protecting the most valuable asset you have – YOU.
For many small businesses, the owner IS the business. Even as the business grows and teams are built to run and manage things, it is often the case that if something happened to the business owner, the business would be significantly impacted.
Questions to ask yourself
What would happen if you weren’t able to work for a period of time? What impact would this have on the business and your earnings from it? How long could you survive without an income from your business?
And then there’s the question that no one wants to think about….. what would happen if you got knocked down by a bus? What would happen to your business then? What would be the impact on your family?
Protecting your most valuable asset – YOU
If you’d like to reduce the financial impact on your family of something happening to you, there are various options open to you. One interesting option is setting up a ‘Relevant Life Policy’ to protect you and your family. A Relevant Life Policy is life insurance that the business pays for, which makes it extremely tax efficient.
Typically, you can save around 50% on premiums by paying for your life insurance through your business, rather than personally.
If you already have life insurance in place
It could well be worth reviewing your current policies to check they still meet your needs – particularly important if they were taken out more than 2 years ago or your business or personal circumstances have changed since. If you’re paying for any policies personally, then it’ll definitely be worth reviewing to see how much you could save on your premiums by setting up a policy through your business. What to do next
If you know someone that can help with this, we’d strongly recommend you have a chat with them. If you don’t have anyone, then we can help – quotes can be provided over the phone and premiums start from as little as £25 per month. If you’d like a quote for your business, please call 0845 201 1580 or email firstname.lastname@example.org.