Brooklands were able to arrange the right level Business Protection at very competitive premiums.
Business Protection
Brooklands Commercial Finance Ltd has teamed up with the UK’s number one Business Protection Provider.
Business Protection is a life assurance policy that can protect a business from the financial losses incurred if a key person or owner of a business should die or be diagnosed with a terminal or critical illness.
A recent survey has shown that £300 billion of corporate debt is unprotected. The impact on small businesses cash flow, should a key individual die or suffer a critical illness can be extremely damaging at best.
51% of the firms surveyed said they had some form of corporate debt and 35% said their debt was in some form of bank loan. However 46% said that the bank never mentioned protecting that debt, or indeed the need to protect it.
But the banks protect themselves in a different way against their clients being unable to repay their debts by insisting, in 54% of cases, on having personal guarantees, 2nd charges or floating charges.
98% of businesses say they are reliant on at least one key person for continued success of their business and shockingly, 30% of those businesses say that without that key person their business would not survive longer than 3 months.
There are additional policies available:
Key Person – Profit Protection
The policy proceeds are paid directly to the business to be used for replacing a Key Person and cover the loss of profits that may occur. The policy proceeds will help your business to continue trading.
Ownership Protection
On the death of a business owner the policy proceeds are paid to the remaining owners to buy the share of the business from the deceased’s estate.
To get your business protected contact Brooklands Commercial Finance Ltd who will arrange for a Financial Adviser to contact you to discuss this fully.
