Corporate Financial Planning

Protecting yourself and your business should be part of any business strategy. FOL Wealth offers you a full range of solutions available as either Term Assurance or Critical Illness with Terms Assurance policies.

What is business protection

You cannot predict the future, but you can protect your business from the unforeseen. Business protection helps a business continue trading and prevent potential financial loss should illness or death affect your employees or the owners.

You can cover the life of a key employee should they fall seriously ill or die, thus protecting the business from loss of earnings. You can also secure the facility to pay off loans should similar fates befall the business owners.

Why do you need Business Protection ?

The death or critical illness of a key employee or a co-owner could lead to:
  • A fall in sales

  • A delay to product launches

  • Delays in the completion of existing contracts (and possible financial penalties)

  • A lack of confidence in the business from a bank, suppliers, customers and other employees
  • Loans may be called in

  • Suppliers may demand payment upfront

  • Customers may choose to go elsewhere

  • An increase in recruitment costs, ‘head hunting’ fees, or training costs for a replacement.
Without the cash to buy out a co-owner, the business could even end up in someone else’s hands.

Folwealth advises on four main solutions, which are all available as either Term Assurance or Critical Illness with Term Assurance policies

Reasons to take Business Protection

There are many compelling reasons for a business to take out a protection policy.
  • Added peace of mind that the business could be financially secure.

  • Helps protect a partner or director’s financial share in the business in the event that they fall terminally or critically ill or die.

  • Eases the pressure on business owners to return to work quickly should they fall critically ill.

  • Provides evidence of good practice.

  • Demonstrates proof of an effective disaster recovery strategy, which helps reassure customers that the business is stable.
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