As a successful business owner, there’s sure to be plenty of questions you ask yourself everyday. “How do we get ahead of the competition?” “What do we need to change in 2018?” All the way down to “Where should we host the staff party?” and “What’s for lunch?”
And all these questions are important (a successful business person needs sustenance after all) but there’s often a subject that gets overlooked. What happens when a business owner or key personal are lost to the business due to death, disability or severe illness?
It’s not the lightest of topics, but it’s one which could have huge impact on both your business and families.
- Questions you should be asking as a business partner:
- What will my business look like the day after I die or become seriously ill?
- Will my family be able to get enough income from the business after I die or become seriously ill?
- What would happen to my debt?
- Does my spouse have the skills and knowledge to replace me in the business?
- Is the business reliant on a particular person, whose loss would be detrimental to the business?
- Have I left all of this to chance rather than protecting against these risks?
Something to think about in between board meetings and business lunches. As well as personal insurance, it’s worth considering business continuity insurance – it’s cover designed to keep business as usual, even when the worst happens.
If you’d like to arrange a chat with an adviser about how business insurance could work for you, get in touch here.