Business Protection Adviser Cambridge

People are a business’s most important asset. If you or a key members of your staff is incapacitated or dies, it may have a huge impact on the business.

our video
Customer relations can be badly affected if something happens to you or another key person

Whether you’re running a large or small business, profits, sales and customer relations can be badly affected if something happens to you or another key person. Watch our short video.

Play Video
our offer

When a key member of a company becomes seriously ill or dies, the business needs help and financial support

It is vital at a time like this that there is an adequate level of business protection in place, so that funds become available to minimise the negative impact of the loss. In addition, when a key person is no longer available, the company needs a replacement. It can take time and money to identify and recruit a suitable individual to take their place.

Furthermore, banks and or creditors often panic and recall loans in order to shield themselves against the potential failure of the firm. Alongside the normal business outgoings and expenses an uncooperative bank can force the business over the edge.

For this reason businesses need adequate business protection. That is why business protection insurances should be explored explored properly because they can act as the necessary safety net to help the business recover from adversity.

There are 3 main types of business protection:

When a key person in a business passes away, this may also affect the business’s ability to make repayments on any loans.

Creditors, including the company’s bankers, may become nervous and call in debts immediately. Some lenders require a company to take out loan repayment insurance to protect themselves against this situation but even if a lender doesn’t make it a requirement of a loan, it is sensible to protect the business against the possibility of this happening. Failure to repay loans may not only cause a business to go under, but also increase debts due to interest rolling up. This is something business owners and shareholders are likely to want avoid at all costs, therefore this type of business insurance is often the only safeguard against this risk.