Protect Your Business Against Future Risks

BUSINESS PROTECTION

Small and Medium enterprises form the backbone of the UK economy, making up 99% of the 5.4 million businesses. In Northern Ireland specifically, the latest 2019 figures show there is over 124,000 small and medium-sized business across the country.

Yet research shows that there is a lack of awareness of business protection and evaluation of all the potential business risks. This research shows that 52% of businesses would cease trading in under a year if a key person died or became critically ill.

We can help with a wide range of business protection policies:

What Protection Should I Consider?

  • one

    Business Loan Protection

    Despite over 50% of businesses surveyed acknowledging that their company had some form of business debt, only 18% of businesses had considered cover for the illness or death of a key person and no mention was made about life cover to protect business debts or loans.

    A large percentage of business loans will require some form of security by the lender and in the majority of cases, the business owners are using their personal wealth as security. A personal guarantee (often with unlimited liability) will be putting their own assets, such as their home as security. Instead of exposing their personal wealth to this level of risk, an insurance policy could be a much simpler solution.

  • two

    Key Person Insurance

    The average director's loan was calculated at £169,000 and 28% of the businesses surveyed did not realise that a directors loan is a debt owed by the business to the director and would need to be repaid on the directors’ death if requested by their estate. 99% of businesses had at least one key person in their organisation and 38% stated that they had 3 or more key people.

    In a small-sized business, the loss of just one key person can have a significant effect, with 52% of businesses stating that they would cease trading in under a year if a key person died or became critically ill

  • three

    Share or Ownership protection

    Nearly half of the businesses surveyed had no arrangement or provision for their share ownership. Share protection can minimise the business’s risk and uncertainty and maintain business ownership if a business owner dies or is diagnosed with a critical illness. It can ensure that business ownership is controlled by the surviving shareholders whilst the deceased’s family is fairly compensated financially for the value of their shares.

What Our Clients Say

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Shauna McAleavey

Newry

If we hadn't had such good advice from Bronagh in the Newry branch, we wouldn't of been able to get our dream home! They put the customer first and find the best mortgage for you.

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Ken Whiteside

Newtownards

It was exactly 10weeks from we made the phone call to Sonya in mortgage solutions in Newtownards to we had the keys in our hands.Sonya was first class. They put the customer first and found the best mortgage for us.

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Aine Moyne

Derry/L'Derry

Claire knows her market well and can sort you out with the finance to suit your situation.

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Christopher O'Farrell

Dungannon

I used Cathy for sourcing my mortgage and all my insurance’s. She got the best deals going for me. Everything went through nice and fast. I’d recommend Cathy to everyone.

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Sarah Lou

Lurgan

Excellent service from Dermot and his team. Every step was fully explained and Dermot was there to answer any questions. Would definitely recommend 5*

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Selina Spiers

Magherafelt

I could not recommend Pawan enough, nothing is ever a problem. He made it all so quick and simple, no hassle. Now we are looking forward to moving into our beautiful new home. Thanks Pawan!

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Hugh O'Neill

Armagh

Me and my fiancee just moved into our new home in Armagh. Monica and John made the whole process very simple and easy, especially as we were relocating. Could not ask for better service and advice. Highly recommend.

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Shauneen O'Neill

Ballymena

Me and my partner wanted to buy are 1st home and didn't know where to start. They answered all out questions in a way we could understand. Sorted the mortgage that was best for us along with our life insurance. Which was a great help. I would 100% recommend them to any 1st time buyers.

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