COVID-19 - Protecting your business

01.06.2020
Matthew Harrington
Financial Planning, COVID-19

The COVID-19 pandemic has introduced a number of challenges for business owners to deal with to ensure the survival of their companies.

In recent weeks, the government has introduced a number of schemes to help companies through these unprecedented times, details of which can be found here.

Government backed loans, such as the Coronavirus Business Interruption Loan Scheme (CBILS) or Bounce Back Loan Scheme (BBLS), could provide a vital cash injection for your business.

It is important to remember that these are still loans and your business will be taking on new, or additional borrowing.  What would happen to your business if anything happened to you, or another Director/Partner, and the lender called in the loan?

There is a good chance the business will not have the reserves available to repay that borrowing on demand, which could mean that business assets have to be sold below market value, or the business may have to downsize. If the business has the liquid capital to repay the borrowing, what projects might have to be delayed, or even cancelled, because those funds are no longer available?

But what if your business had the appropriate level of cover in place to meet this need? Life cover that could provide a cash lump-sum to your business to make sure that the borrowing was repaid, so that you can carry on with those projects, keep hold of those key staff members, and continue to be competitive.

Whether a limited company, LLP, partnership or sole trader, Lovewell Blake Financial Planning Limited can work with you and your business to identify your protection needs and build a portfolio of life, and critical illness cover, giving you the peace of mind that if the worse should happen, your business remains financially secure.

If you would like to discuss business protection in more detail, and how it could help you and your business


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