Protecting your small business
![]( https://www.linfordgrey.co.uk/wp-content/uploads/2024/06/Screenshot-2024-06-20-at-13.16.35.png)
Justine Cook, a dedicated Mortgage and Protection Advisor located in South Leicestershire, has shared her insights on the importance of insurance products in protecting your small business’s income in her latest blog post for us.
As we all learned during the pandemic, if you can’t go out to work, you can’t pay your bills. Luckily, the government were able to step in and offer some support then, but what about now?
Death – of the business owner, a shareholder, a valued member of staff or the owner of the business.
All of these events can impact on the profitability of your business or it’s ability to generate income for you or your employee’s family. The loss of a shareholder may result in their share being passed to a family member who has no experience in the business, or no interest in it, but without the funds to pay them their share of the business, you may both be caught in a position that you don’t want to be in. You may have a member of staff that knows everything about your IT Security Systems and without them in place you may have to incur significantly higher costs finding a replacement.
Disease – similarly, a critical illness can affect your ability to work on or in your business.
Or you may wish to offer essential support to your team members if they or a child are diagnosed with a critical illness. Employers that offer a benefits package to their employees see increased retention rates in their staff, consequently saving money on recruitment and fostering a positive work environment.
So-called ‘minor’ illnesses – also impact workplace productivity.
Figures suggest that sick leave is at an all-time high, The Chartered Institute of Personnel & Development (CIPD) analysed sickness absence and employee health among 918 organisations representing 6.5 million employees, with 76% of respondents reporting they had taken time off due to stress in the past year and overall figures showing an average figure of 7.8 days per year per employee. The most common reasons given for sickness are mental health and musculoskeletal conditions.
One of the many benefits of taking out insurance policies to protect your finances against the impact of these events is the peace of mind that’s offered by knowing that you have a plan in place.
An insurance broker offering advice on Relevant Life Cover, Key Person Cover, Executive Income Protection Cover and Shareholder Protection can help you tailor a solution to address these needs at a budget that suits your business.
ME Financial Services offer a personalised service with the flexibility to consider all of your needs and will take the time to fully understand your circumstances before making a recommendation. We pride ourselves on the relationships we build with our clients and we align with Linford Grey’s key values of responsiveness and transparency.
If you want to talk to Justine about protecting your small business or any of the insurance products she offers you can get in touch with her: Justine | ME Financial Services.
For any questions regarding your accounting needs, you can contact our team at Linford Grey.