Working for yourself is both challenging and rewarding. The size, structure and nature of your business, among other factors, will determine the specific issues and risks which need to be considered. We will help you to identify, prioritise and manage the risks at the different stages of your business utilising a variety of strategies.
Cash flow is critical to the success of any new business, and prioritising expenses is paramount. Without a trading history, securing adequate cover may be difficult. ‘What can I insure?’ and ‘What should I insure?’are not the same. Our strategies help you to make informed decisions and secure appropriate cover.
More established businesses often employ more staff, including key personnel. You have greater fixed costs and the business may be less reliant on you than a sole operator or small business. Income Protection may have limited value in these situations. Understanding what your policy would do in the event of a claim is critical to having the right cover for your needs.
Being a partner or shareholder of a larger business has many advantages. It mitigates many risks associated with other business structures however presents some specific issues both for individual partners and the business. Comprehensive partnership or shareholders’ agreements should (but often don’t) specify what happens if one partner dies or becomes disabled. Surprisingly many partnerships don’t consider how to fund for these contingencies. If your business partner died, could you afford to buy their share of the business? If not, do you know who will replace them?