The many benefits of having a sound business insurance planning strategy in place.
Having a tailored business insurance plan in place for your business can give you peace of mind and help in mentally preparing you for difficult and often unexpected situations.
“Often business owners are so focused on running their own business, they just don’t take into account the ‘what if’ scenarios,” says Hughes.
In coming up with an appropriate business insurance plan, financial planners need to take into account various factors such as the business structure of the organisation concerned, purpose of the cover and any taxation considerations.
“We want to make sure that the right person gets the right amount of money at the right time,” says Hughes.
The basis of business insurance planning relies on the philosophy that prevention is better than cure.
It’s all about having a key strategy in place beforehand, to take into account the needs of the continuing business owners so that they get some control, certainty and financial stability for their ongoing business, adds Hughes.