Business Protection Advice Self Employed partnership people readily insure 'hard' assets such as their Business premises, equipment, cars etc in case of a loss, but they often overlook the need to insure their most valuable assets - Their cash flow & 'key revenue/operating' people in their business. Consider this...It's something that many of us don't wish to think about - but what would happen to the business if the business cash flow stopped or was severely reduced suddenly because a key partner or senior team member was no longer able to work due to long term illness, injury or death? Could you, or your business partner(s), continue to meet your business loans & expenses?Could the business afford to still pay a salary &/ profits long term for this person whilst having to cover their role with extra staff?Do you want to end up in business by default with your buisness partners' spouses?How would this impact on the business cash flow & profits?Have you provided Director's Guarantees to a bank ( eg loans / overdrafts) or creditors?Do you have a documented and signed Shareholders Agreement and exit strategy with your business partners?If you don't have a plan that can cover your buisness in such cases, it's worth preparing one utilising the experience and knowledge of Mayfair Wealth Management.
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