One can never be too cautious when it comes to the safety of one’s future. While everyone knows the risks involved with starting and growing any business, some risks can be avoided altogether with the right precautions in place. Even if your business is fairly small or only just starting out, securing your business with insurance can safeguard you and your employees in any unforeseen event. You need to protect your investment with a variety of insurance coverage, and advisable, as soon as possible. Take a look at these three types of insurance you may need for your business:
This type of insurance helps protect your business from potential financial loss through critical illness, terminal illness, or death of one of the business key people. A key business person or “key-man” is an employee whose death or continued absence could greatly impact company systems and growth, disrupting development plans and halting operations. How it works is that a pre-determined lump sum is paid to your business in the event of the Key-man falling ill, covering a variety of critical illnesses depending on the insurance company.
Shareholder protection is an insurance policy that is usually taken out by all shareholders within the company, in which the money for the policy payout is utilised to buy shares from their loved ones. In doing this, it protects both the company and the business owner’s family in the event of a critical illness or a sudden death, as the share protection provides a lump sump to the remaining business owners, allowing them to purchase the deceased partner’s interest in the business.
Lastly, Relevant Life Policy is necessary for every employee to ensure trust between you and your workforce. This insurance policy is paid for by the company on behalf of the employee, which will pay out directly to a beneficiary should an employee die whilst in employment.
While these are the top three types of insurance that are guaranteed to safeguard your investment business-wise, it’s recommended to invest in personal insurance such as Private Health Insurance, Personal Life Insurance, and Income Protection Insurance can further protect you should the worst happen and your company goes under.
If you’re looking to protect the future of your investments, Heritage Insurance Services can provide you with ongoing support and advice taking into account the specific needs of your business. If you have any enquiries about the insurances we offer, please don’t hesitate to contact us on 02392 000 959 or email us at firstname.lastname@example.org and a member of our experts will be in contact promptly.