19/07/2021 0 Comments
Why Business Protection is an Essential Part of a Business Plan
All businesses need business protection. In the simplest terms, business protection is a protective measure that protects companies and a company’s various stakeholders from the financial ups and downs all businesses suffer. In today’s blog, we want to explain why business protection should be written into a business plan.
You’re Type of Business
The different business protection packages available are designed to protect different types of businesses. Business protection is designed to protect the business in the case of one of the company directors passing away. While most businesses will have insured their key equipment and vehicles, oftentimes business protection isn’t factored into a company’s business plan. We believe this is a major error of judgement. After all, what will happen to a business if one of the key stakeholders was no longer around or otherwise incapacitated? Will the business fall apart without financial protection?
Factoring Business Protection into a Business Plan
When a new business is creating a business plan, or indeed if an established business is working on its projections and outgoings for the next few years, it’s vital that business protection is factored into the monetary documents.
By establishing the cost of business protection and incorporating this cost into a financial plan you’ve taken a responsible step in safeguarding the company’s future.
What Business Protections are Available
What’s great for a small or a start-up business is that most business protection packages are extremely affordable. What’s more, our team can help you get the right business protection insurance for your needs. We can also advise on what type of business insurance to get. There are a variety of insurance packages available including partnership protection, co-directors insurance, key man insurance and pension term insurance. Don’t worry if you don’t know what any of these packages are, we can take you through the price of each and advise which package you should integrate into your financial planning projections. For more on this topic please see our business protection page.