At this time of year it is very common to set new goals from both a personal and business perspective. But do you consider the areas you have limited control over?
As a business we advise upon prudent planning to help mitigate the financial impact of the loss of a key person.
Royal London carried out a recent survey of small and medium enterprise ("SME") business owners and found:
Almost 1 in 3 (32%) believed the loss of a key person for more than six months through a serious illness would have a severe impact on the business.
With the above set against such startling statistics as:
1 in 2 people suffering cancer in their lifetime (Source: Cancer Research UK)
We, understandably, feel passionate about chatting to our existing and new clients alike on the potential financial risks that can be mitigated through appropriately structured key person life and/or critical illness policies.
When business or personal growth is the primary objective, it can sometimes be easy to forget to keep the safety nets tracking closely behind.
We work collaboratively with accountants and solicitors to advise businesses on their business protection insurance needs. We understand you need to focus on your goals, however correctly recognise the safety net needs to be maintained, as there is always a risk of a fall from grace.
Take the correct advice at the correct time to mitigate against the financial downside risks of a death or critical illness of key people within your business.
You can continue to strive to achieve your goals, and we can provide the clear and concise information you need to put life or critical illness insurance policies in place efficiently to mitigate the risks of irreparable damage.