Have you embraced corporate protection?
Ensure your business will continue without you
Corporate protection includes life assurance and medical provision and should form part of any business’ financial planning strategy.
Be honest with yourself – would your business still function if you were no longer around to fulfil your role?
- What would be the cost to replace you?
- Who would the business pass to?
- What would happen to your employees?
What does corporate protection involve?
Corporate protection looks at ways to protect a company from a financial point of view should anything happen to the owner or its employees, such as death or illness.
If you, as an active worker and owner of your business, or a key employee dies or falls critically ill, what processes are in place for the operational continuity of the organisation?
Protection measures are available for an individual or a group and would include:
- Medical insurance
- Group, key person or individual life insurance
- Critical illness cover
- Income protection
- Shareholder and partnership protection
What would happen to your company?
Understanding the cost of replacing you and/or your key workers or multiple employees in the event of a company incident will help you to put contingency measures in place alongside insurance and protection policies.
Having a plan in place as to how the company would operate and allowing for financial reserves will ensure the company still has a viable future.
Talk to Willow Financial Solutions about the complexities of auto enrolment and workplace pensions.
