Protecting your business

Running a successful business takes time, commitment, hard work and determination. This means that owners have little time to think about their own financial objectives or the protection of the business they have created. As a result, planning your own and your employees’ financial security becomes neglected or often completely overlooked.

As a director, it is important to look after your own increasingly complex personal financial affairs.

Careful planning is key to ensuring financial security over the longer term, and advice from a wealth management specialist can help you meet your aims while concentrating on managing the business.

Planning for business continuity

With a business to run, often business people don’t focus attention on business continuity and the financial risks related to their own and their key employees’ availability to work. Yet protecting your business from this potential risk is good business practice and can be tax efficient.

Business protection comes in many forms and is designed to protect a firm from the risk of financial loss due to the death or illness of the owners or key employees. Key person protection insures a business against the risk associated with losing critical members of staff which includes the owners. Business loan protection can be organised in the form of life assurance so that liabilities can be met. Shareholder protection enables the remaining business owners to buy the insured partner’s share, with life cover that reflects the value of their shareholding. Similarly, partnerships can benefit from partnership protection cover to be able to retain ownership of the business. It may also be advantageous for these types of business protection cover to be written in trust. We can provide advice on the options that best reflect the requirements of your firm, allowing you to protect your business and safeguard business continuity.