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Protecting your business


We insure our homes, cars and personal possessions and do the same at work. But if you own a business there are some risks that you may not have thought about which, if the worst were to happen, could mean you losing control of your business or even losing it altogether. The risks involve co-owners, ‘key people’ and business loans.

If you are in a partnership or are a shareholder you should certainly consider ‘Shareholder Protection’. If your partner died the partnership would automatically be dissolved, and if they were a shareholder, their share may be inherited by someone who has either no interest in the business or doesn’t have the time or skills to make it a success.

Most businesses have a few people who are essential; without them the business may struggle or even fail. Although a large business may be able to survive the effects of losing a vital member of staff, it could be disastrous for a small business. So you should think about having ‘Key Person Protection’ to help safeguard your business against the death or critical illness of someone who is indispensable.

It’s common for businesses to borrow money, but could you repay the loan if you suddenly had to? If a co-owner or director had arranged the loan it could be a significant problem so, in the event of their death, a ‘Liability Protection’ policy could save the day.

It’s all a matter of risk management. Knowing what the risks are means that you can make a considered decision about whether you should take out insurance to protect your interests. It won’t compensate for the loss of a friend and valued member of the business, but it may help you keep your business and secure its future.

One Financial Solutions can help you identify the risks and cover them: for further advice or more information, please call one of the team.