One of the biggest challenges to the success of many businesses is finding the money to set up or expand. And if you’re not fortunate enough to find someone willing to invest in your business, you may have to borrow to realise your plans.
Quite often your ability to repay any borrowing again depends on one or two people in your business. If these people were off work for a long time, sales may fall, customers may go elsewhere and profits could drop making the repayment of these debts very difficult. The pressure of trying to run a business and deal with mounting debts is likely to take its toll.
If you have protection in place to cover the loan, you’re making sure that even if a key person suddenly becomes ill or dies, the loan will be paid off.
And although you may think you have enough savings and investments to rely on, they’re likely to run out more quickly than you’d expect.
With the right cover in place, if you or your key person were to die or be diagnosed with a critical illness you could
Recruit a temporary or permanent replacement
Train one of your other employees to step into the key person’s shoes
Specialist Protection is the trading name of Ann Griffiths Ltd and is an Appointed Representative of Stonebridge Group which is authorised and regulated by the Financial Conduct Authority in respect of insurance activities only.
As with all insurance policies, conditions and exclusions apply. Your home may be repossessed if you do not keep up repayments on your mortgage.