Protection for You and Your Business

If you are starting, or thinking of starting your own business there are many things you need to consider.

Where to get funding, how much you will need, what your goals are, how much you expect to earn over the first year, where you hope to be in five years time and what will happen to your business should something bad happen to you. Business life insurance from lifeinsurance.org.uk lets you stop worrying about the last item on the list at least.

business insurance
Image by Christopher S. Penn / Flickr

Having business life insurance is especially important if you are working with a partner, as it covers them in the event of your death. If you have joint fixed interest loans in the company name and one of you dies, the other is wholly responsible for the full debt amount.

Life insurance can either be taken out specifically to cover loan repayments and amounts, or to pay out a lump sum to the company. If you use comparison sites to shop around for the best deal it doesn’t have to be pricey either. Try a life insurance calculator from lifeinsurance.org.uk to give you an idea of what the monthly premiums are likely to be.

Life insurance can make all the difference between having a business that dies with you or one that keeps on flourishing after your death.

Taking away the additional financial burdens the early demise of a partner would bring can keep the business afloat through what will inevitably be a tough time for all involved. Your former company will be able to hire new employees and continue with expansion plans if any debts you were responsible for could be paid off.

Business insurance is usually set up to pay out directly to the company rather than an individual. The money can then be used in any way the business partners see fit, including getting the company out of financial hardship through the creation of more shares.

Many business owners also take out critical illness cover, which provides the business with an additional source of income should you become too sick to work for an extended period of time. This can be especially handy in paying for a temporary member of staff to cover for you.