Protecting Your Business

The success of a business is dependent on the hard work of both its owners and employees. Where it has either grown significantly or has the potential to grow significantly it is important that any risks that might derail such growth or ownership are properly insured.

Most employment in Ireland is by small businesses where the owners have looked to provide for their families or want the personal control of growing their own wealth or both. Their own financial well being is inextricably linked with that of their business.

When Protecting Your Business Is Protecting Your Own Wealth

In the daily routine of running a business, many important things get long fingered as interaction with clients takes precedence. Over time these issues, while very important, often get forgotten about and it is only when a financial crisis arises that the financial loss to a business from whatever source becomes obvious.

Being able to sustain the financial loss of a key person in terms of business contacts or unique skillsets is not something that most business give much thought to. Nor, do we find, is the possibility of having to buy out the next of kin of a deceased business part-owner. Yet these occurrences can have a significant impact on not only current business cashflow but also it’s ongoing viability.

Thankfully, depending on individual circumstances, it is possible to build an insurance arrangement around such potential occurrences and prevent future financial losses.

Protecting Your Own Staff Need Not Be Expensive

If your staff are your best business asset, you should make sure that they know it. This is particularly so where they have had a long employment service history and continue to be really important to the business. They are also important to their own families where their death or inability to maintain their own income as a result of a major illness or accident could be catastrophic.

To counter such possible scenarios we recommended to employers who have the best interests of their employees at heart to arrange a Group Risk Protection Scheme. This type of insurance pays out a lump sum on death as a multiple of their salary to the next of kin or a replacement of income against the effects of a long term illness or a major accident. The premiums for these Group Risk insurances are fully deductible against the business’ tax liabilities and are not taxable on the staff members as a Benefit In Kind

 Where a business is relatively small and may be family owned such Group Risk Covers may be attractive for the owner cum employee who wants to arrange protection for themselves without paying personally for the premiums.

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