Do You Have A Business Protection Plan?
Having a business plan is about taking on risk for future success.
Business owners take on risk by leaving steady employment, using their own capital and taking out debt to create a future income stream that will far exceed what can be earned by working for someone else.
Business Initiatives recognises this, and we value the relationships that we create with the people whose hard work and determination create jobs and wealth within our community.
But what happens to your business if something happens to you?
As a business owner, you should have a business protection plan in place that considers what might happen to your business should one of the owners pass away, become totally and permanently disabled or suffer a terminal or critical illness.
Within a business, a few key people generally provide the capital, manage the business and produce the profit. If the business has no viable succession plan, there may be a significant hardship for the surviving business owners and family members.
There should be a plan in place to ensure that you, as the business owner, can protect the business as an ongoing concern against events that may adversely affect its liquidity, profitability and ongoing viability.
Time after time, experience shows us that many businesses suffer due to a lack of planning for the unexpected. The financial consequences of an event can usually be minimised with enough foresight.
The six main business needs to consider are:
- Business loan protection.
- Shareholder/director loan and beneficiary protection.
- Key person revenue protection.
- Business succession protection.
- Business expense protection.
- Keeping your cover up-to-date as your business grows.
The team at Business Initiatives can help you identify risks to your business and protect you, your family and the future success of your business.