The Year Of Covid
Rages On But Is Your Business Safe?
As businesses face continued uncertainty, and we all crave ‘normality’, Towers and Gornall are perfectly placed to support you to ensure your business is protected and Covid secure, writes Gail Bailey
With the furlough scheme’s expiration imminent and many businesses making the move from the comfort and safety of their homes back to the office, it’s time to ask yourself, are you and your business ready?
Coronavirus has already caused serious economic damage to the UK and there are very little signs of change within the immediate future. With a plethora of new office regulations already in place post lockdown, and government updates changing almost daily, businesses are taking the time to ensure their working environment is Covid-secure, but the question remains, how secure is their business?
An uncertain future awaits business owners across the UK, with many external factors affecting not only the day-to-day running of an organisation but the overall survival of the business itself.
There are many ways that you can protect your business should the worst happen, but you must act fast. With the current pandemic in full force, why not consider the various specialised insurance protections that can help your business?
Key Person Protection
The death or long-term illness of a key employee can have a devastating effect on the future of a business, ensuring a cover to assist a company in such occurrences can provide the support required to keep a business moving.
Directors and employees with highly specialised skills or knowledge are key members of staff for the company they work for. To lose one through an unforeseen departure can have damaging effects on the business.
Key persons insurance is an assured way of protecting a business and has a variety of benefits which include:
1. Paying the costs of a temporary replacement
2. Meeting the costs of recruiting a permanent replacement
3. Covering the cost of death or incapacity of a key member of staff
Many businesses will ignore the risks of losing key members of staff, but protection could ultimately protect the overall survival of a business.
It is common to find that shareholders make plans for passing on their shares either before or after retirement. However, it is also important to ensure that the sudden death of a shareholder does not cause adverse financial predicaments for the remaining shareholders.
Risks to remaining directors could be detrimental if a shortage of financial support should arise, taking out protection such as life funding cover will enable a business financial support when they need it.
Do you want to secure your businesses safety? Book a consultation today on 01995 600600 or email: Covid19@tagac.co.uk
Towers and Gornall
Abacus House, Rope Walk
Garstang, Preston PR3 1NS