Business Protection
The Bank have said that I need to take out a policy to cover my borrowings. Do I need to take it out with them?
No. Banks cannot make it a condition of borrowings that you effect a policy through them. HW Financial Services Limited may well be able to obtain more competitive rates for you, so ask them to arrange a quote.
How can I protect my business from the loss of my most important employees though ill health or death?
Such instances can result in significant loss of earnings for your business. These can be insured through 'key worker' policies that will compensate the business in the event of such a loss. HW Financial Services Limited can evaluate the type and level of cover which can be effected to protect your business and by default your income.
How do I protect my business asset if my business partner dies?
You can secure the direction of a co owners' shareholding in the event of their death very simply through the effective use of protection policies and suitably worded trusts to the benefit of the business, your co-owners family and of course you and your family.
HW Financial Services Limited can provide you with expert assistance in this regard.
What protection benefits should I be thinking of for my staff?
Staff retention can hinge on the additional benefits an employer can provide. Life cover, critical illness, income protection and private medical insurance can be offered at various levels for different grades of employees.
Ask HW Financial Services Limited what your options are and how inexpensive this cover can be.
Does the business get tax relief on contributions to the key worker policies?
It is possible, but the implications of trying to claim this need to be thoroughly considered to determine whether or not this is warranted. The driving factor is that you are protecting your business against the loss of a key worker.
HW Financial Services Limited can provide you with bespoke advice in this regard.
Are these policies expensive?
If you can guarantee that nothing is going to happen to you, your partner or any of your key employees, then this is an additional business expense which could be disregarded. But, in context against what you, your business and indeed your family may lose, in our opinion these policies are not expensive.
If you have further questions, you can contact your local office.
HW Financial Services Limited are Independent Financial Advisers, authorised and regulated by the Financial Services Authority and owned by Bestinvest (Holdings) Ltd. This webpage has been produced for the general information of our clients. It is based on our understanding of current legislation and is intended to provide a brief summary thereof. It is not intended to give personalized investment advice and you should contact us or them before taking any action based on the information therein. You should be aware that where past performance is quoted for specific funds or asset class sectors (such as property funds) it is not a guide to future performance and that the value of unit-linked investments is not guaranteed. As unit prices can go down in value as well as up you may not get back the full amount of your investment. All statements concerning the tax treatment of products and their benefits are based on our understanding of the current law and HM Revenue and Customs practice and are for general guidance only. Whilst every effort has been made to ensure accuracy, no liability can be accepted for any errors or omissions. Levels and bases of, and reliefs from, taxation are subject to change.