The Business Protection gap in the UK is currently around £1.4+ Trillion and has been steadily growing over recent years. This is important to understand, as more of us are finding the life and work balance more demanding, and with incomes being squeezed by inflationary economic pressures, it's all the more worrying that should we fall ill and be incapable of working, or we die and without any insurance protection - what happens to loved ones, fellow company directors, staff or shareholders or the company as an entity?
One of our core values is to raise awareness of the need for business owners and company directors to consider the very real need to have in place sufficient Business Protection insurance e.g. a tax efficient Relevant Life Plan, Loan Protection, 'Keyman' or 'Key Person' insurance and so forth.
Equally we feel it is highly relevant to encourage all companies with shareholders to consider a 'Shareholders Agreement' to protect a company and its shareholders against the critical illness or death of an owner or shareholder in the company. Without this type of agreement, as you can imagine it can prove to be very challenging with everyone with an interest in the business scrambling over a stake - often this type of situation forces the closure of the company.
Trusted Xperts specialise in connecting businesses and consumers throughout the UK with selected Financial Advisers, to discuss product recommendations based on an individual's or businesses circumstances. It doesn't have to cost the earth either - it's just important you think about taking action today to start the advice process.
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Many thanks to Legal & General for providing the following two PDF documents which explain the Business Protection landscape in the UK:
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