If you are self employed, own a LTD company or LLP, have you thought about what risks could impact your business?
– Not protecting your shares within the business.
– Being unable to repay business loans, mortgages or debts.
– Loss of a key person, director or partner.
An Illness or death within a business can cause a major impact to the continuity of the business, leading to exposure of:
– Fall in sales
– Delay’s in products and completions
– Lack of confidence from customers/suppliers/banks
– Suppliers asking to be paid upfront
– Customers going elsewhere
If a co-owner became ill or died would you or the other shareholders have the cash in place to buy out their share? So the business could carry on as normal.
If a key employee became ill or died would the business carry on functioning? Would sales or other key functions be met.
If your business has any mortgages, loans or other debts what would happen to them if a director or partner became ill or died? Could the business still meet the repayments.
What would happen to your shares in the business if something happened to you? Is the succession plan you have in place sufficient enough to provide for family.
We would always recommend having continuation policies in place to keep your business operating as usual in the event of business risk. We are able to provide a plan that will support your business if there is a change in circumstance.