Worldwide launch campaign to get businesses thinking about protection

One of the South West’s leading firms of independent financial advisers has launched a campaign to get business owners thinking about business protection. As the country gears itself up to move out of recession Truro and Wadebridge based Worldwide Financial Planning is urging business owners to think about how to give more protection to their company. And to help businesses across the South West Worldwide is offering free one-hour consultations to look at the key aspects which can have an impact. “Business protection is easily one of the most passed over subjects in any company,” said Worldwide’s managing director, Peter McGahan. “The business owner is too busy either making hay while the sun shines or battling recession to think about one of the key areas that can cripple even the most successful businesses.” According to Worldwide there are three key areas of protection in a business: succession planning post the death of the owner; protection in the event that a key person dies, and debt protection. “In terms of succession planning post the death of the owner, far too many businesses don’t even have a business will,” said Mr McGahan. “A business will makes it clear what should happen to the business when the owner dies. Without a business will, a business that has built up quite a value over the years can easily become valueless. Mr McGahan believes that the lack of direction after a death can also cause fear within staff and customers. He added: “Competitors can soon seize that opportunity to move in and a considerable percentage of value can be wiped out in months. The key is to have the correct instructions and protection in place to avoid financial catastrophe.” Mr McGahan also thinks that business should take more care to protect key members of staff. He said: “Protection of a key man is simple. The business insures a key member of staff for any financial loss should they die. The death benefit is used by the firm to cushion the financial impact of the key person’s death on the business whilst they replace the key member of staff.” The final area that Worldwide want people to think about is debt protection. “Debt protection is the third area of business protection which can be overlooked. This is normally the insurance that the bank adviser forces down your throat when you are asking for any business finance,” added Mr McGahan. Ensure your debt is covered in full in the event of death, and critical illness if you can afford it, and use a fee based independent financial adviser, like us, to acquire the cover. The premiums will be much cheaper than those offered by banks’ products direct.” For more information and to book your free one-hour consultation please contact Peter McGahan at Worldwide Financial Planning on 01208 816667 or email info@wwfp.net

Posted 13th Jan 2010  by member Worldwide Financial Planning