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Is your business protected?
| Guest post by: Guy Rigby |
Article Overview: The saying goes that in business, no one is indispensable. But business owners are often the exception to this rule. So, it's worth taking a moment to think about whether your business and family are protected from a worst-case scenario.
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Free Download - Is your business ready for the next move? By Guy Rigby |
Is your business protected?
Running your own business may leave you little time to consider your financial future, but what would you and your family do if a critical illness such as a heart attack or stroke, forced you to be absent from work?
Given the problems of the current economy, key man insurance and business protection are even more important than in a more benign environment. Failing to address what could happen may have significant financial consequences for the business, the remaining shareholders and could ultimately result in the failure of the business.
Anyone thinking of protecting the future of their business should consider the following questions.
- What do you want to happen to your share of the business in the event of your premature death?
- Does the business have any loans outstanding that would need to be repaid if you die or cannot continue working? How would these be repaid?
- If you or someone you employ would be difficult or impossible to replace, how will the business cope financially if that person dies or is tooill to work?
Legal and General recently published research revealing that 50% of businesses are not protected if one of the key people in the business suffers from a critical illness or dies. Almost half of the respondents in their survey said that their business would fold within 12 months of such an event. So if you are one of the UK businesses not protecting yourself, it may be time to take action to protect your partners or family.
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Article Tags: business owners, critical illness, death, key man insurance
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About the Author: Guy Rigby RSS for Guy's articles - Visit Guy's website Guy is an experienced chartered accountant and an entrepreneur. A natural and driven enthusiast, he built and sold his own accountancy firm, as well as pursuing other commercial interests. He has been a director and part owner of a number of different companies, including businesses in the IT, property, defence, manufacturing and retail sectors. In an unusually varied career, he has been the senior partner of two accountancy firms, a finance director, a sales and marketing director and an adviser and mentor to many entrepreneurial businesses and their owners. He was also a joint founder of the Non-Executive Directors Association (NEDA). Guy joined Smith & Williamson in 2008 and leads the entrepreneurial services group. His day to day activities include advising entrepreneurs and their businesses and coordinating Smith & Williamson's activities in this increasingly important market. The articles available here are written by Guy and members of the Entrepreneurs team at Smith & Williamson. Click here to visit Guy's website   Rebuilding your reward strategy Is your business ready for the next move Cashing out but staying in How to get bank funding in five essential steps Protecting against fraudulent financial reporting |
Related Forum Posts
Re: e-logos... great or?
- which also matters about this is how protected may be my logo once I get it, especially when here in the online market there are many risks… anyways I should contact some of these companies and evaluate what I get
Re: On Which Social Media Sites Are You Most Active?
- @GT, that's why I have two separate FB accounts. One is my personal account, with pictures of my wife and daughter. All pictures are set so that only friends can see them. My other account makes no mention of them by name nor does it have images of them. This is how I keep my family protected from my online life, and those who may want to exploit such information.
Date stamp rather than trademark or copyright?
- Thanks for the copyrighting information litekepr!
My web designer actually told me once that you can simply take the item you want protected and just put it into an envelope and have it date stamped "sealed" by your local post office and it'll hold up in a court battle just as well as a trademarked or copyrighted item.
Do you think this is true?
New idea
- Hi Kevin,
Strange enough I have just been thinking about that. You are adressing the practical side. Then it needs financing as well. Prototypes are not the cheapest in the world.
If one has a product, one wants to have it protected. I refer to the copyright. It is quite a maze, I reckon.
There is a lot to a new product.
Kindest regards
Beat
"Unlock People's Potentials!"
Why can't I copy and paste anymore?
- I used to read someone's post, and if I wanted to respond to it I would copy the relevant sentence or paragraph, then go to the bottom of the page, hit repy, paste what I'd copied, and then do my reply.
Now it seems all the posts are copy protected or something, so all you can do is QUOTE the entire post and respond to it ...
and like Buzz I can't copy from my own post to put something lower down in the same post...
For whatever reason you've instituted this new feature (were people copying posts and putting them on other websites?) it's kind of annoying.
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