There are 3 main types of Business Protection.
Key person protection
This protects against the loss of revenue if a key employee dies or can’t work because they are critically ill.
This is also known as partnership and shareholder protection, helping owners keep control of their business if a shareholder dies or is critically ill.
This is to help repay outstanding financial commitments, such as Director Loan Accounts or bank overdrafts, if the worst was to happen to a key person or shareholder.
90% of businesses do not have this vital protection in place and a critical illness or a death to a key person or shareholder could have a devastating effect on business and destabilise it and erode its profitability and its likelihood of attracting clients and keeping hold of existing clients.
It is important to seek professional advice from qualified advisors trained in this field. Verve Financial Solutions has staff that can help ensure that your business protection is adequate.