Business Owners – How secure is the future of your business?

13 May 2020

The outbreak of Coronavirus has left many people asking about life assurance and whether their existing cover is sufficient in the event of the unthinkable happening. More often than not there are no issues with cover being satisfactory, but we would always recommend that if you have concerns, you should ask your adviser or insurer for guidance/advice.

For most people, there is an element of cover in place whether this be through a personal arrangement or through cover provided by your employer however as a business owner, what provisions have you taken for yourself?

If you pass away, how do any business loans in place get repaid?

If you pass away, what legacy is left for your family?

If your top salesperson, account manager, product designer or any other key person passes away, what effect would this have on the income that the business receives?

It may well be that after these questions have been asked of yourself, you feel that no provision is required and that you are happy to take the risk of not putting cover in place and this is absolutely fine.

It may also be that after these questions have been asked of yourself that you want to review your existing provisions and to understand the cost of putting all or some of this cover in case.

At Wingate, we offer a fee free review service which allows us to work with business owners to understand what cover may be required, how this cover could be implemented and importantly what price this cover may cost. If you feel as though a review or conversation may be beneficial, please contact us at Wingate on or (T). 018883 332260.

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Exclusively focused on UK organisations with employee headcounts of up to 1000, the data and conclusions shared in this report are directly relevant to companies of this size and profile.