SPECIALISTS IN 
BUSINESS PROTECTION PLANNING

"6 out of 10 businesses would cease trading within 12 months

if a key person passed away or became critically ill. "* 

 

It's a striking statistic, but if you own or run a business, have you considered what would happen in those circumstances? Would shares need to be purchased from a deceased owner's estate or family? Would the business suffer a drop in turnover? Would operations be affected? Is there debt to be repaid? Who's going to fill in?

 

Business protection planning involves asking these questions and more, to understand who is critical to the day-to-day running of your business and to forecast the potential financial impact of losing them or an owner through critical ill health or death. If the projection is that the business would suffer a financial loss, using insurance contracts, the risk can be mitigated to give your business the best chance of navigating those times and getting out the other side.​ At Bespoke Business Protection, we believe it's a prudent exercise for any business to undertake a risk assessment on the people that make their business tick. Discussing these difficult things today means your business has a blueprint to follow if the worst does happen, with a clear pre-agreed plan in regard to succession and continuity.​

 

*Legal & General State of the Nation's SMEs Report 2021​