Worst Case Scenarios: What Happens When Your Business Is Not Protected?

There are a number of things in business that we can predict, or at least make an educated guess about. Things like rising costs of gas and electric in the winter, a downturn of sales on out of season products and predictable staff absences with the changing of the seasons. And when you can predict, you can mitigate, but not everything in business is as easy to anticipate. Continue reading “Worst Case Scenarios: What Happens When Your Business Is Not Protected?”

Is Key Person Insurance Tax Deductible?

Key man / key person insurance is a specially designed type of life insurance intended to protect businesses from the loss of one of the key people in the organisation. In many smaller companies much of their success rides on the shoulders of one or two critical people, and if that person was suddenly lost, it could spell disaster for the business. Key person insurance will provide much needed capital at such a time, so that the company can fill holes in its profits, recruit a replacement or buy out a director without creating a crisis. Continue reading “Is Key Person Insurance Tax Deductible?”

How To Decide Who Is A Key Person

As a business owner, you will be aware that there are some people working for your company who could be described as indispensable. These are the people who, if they are unable to work, would cause serious cash flow or operational problems for your business. Key person insurance helps to protect your business from issues like this.

Continue reading “How To Decide Who Is A Key Person”

Want VC? Better Get Key Person Insurance

If you’re on the hunt for VC funding for your start up, no doubt you’ll be willing to reveal plenty of business details to potential backers, to ensure their trust and confidence. From operations to finances, vision to processes, you know your business inside and out, and are ready to tell your VC everything you know. But did you know you could be asked to step on the scales too? Continue reading “Want VC? Better Get Key Person Insurance”

Key Person Insurance – What You Need To Know

Many businesses operate with a fairly small team of senior managers, meaning that the loss of one of these people could seriously impact the viability of the business. We’re not talking people leaving the company, which can be planned for and militated against; we’re talking about sudden death or critical illness that will unexpectedly and suddenly take that person away from the company. Continue reading “Key Person Insurance – What You Need To Know”

The Benefits of Having Key Man Insurance to Small Businesses

As a small business, you rely much more heavily on the individual members of your workforce than many large companies do. With single people taking on multiple roles and responsibilities, you could find yourself up a certain creek and short of an oar if you suddenly lose a key member of your team.

Key man, or indeed key person, insurance is one way in which you can ensure your business remains fully operational in the event that a crucial worker is no longer around to work with you. Here’s what you need to know about key man insurance, and how it can benefit your small business. Continue reading “The Benefits of Having Key Man Insurance to Small Businesses”

Financial Planning for Small Business Owners

For most small business owners, their personal lives and business life are pretty much one and the same thing. Being inseparable from your business is not a bad thing, but it is important to incorporate a healthy amount of personal financial planning into your plans, to make the most of both the challenges and opportunities presented by being a small business owner. Continue reading “Financial Planning for Small Business Owners”