Running a business is tough enough without worrying about the unexpected. At Sage Wealth Protection, part of Sage Financial Advice, we help business owners safeguard what matters most, your business, your assets, and your people. Here are three key areas you should consider before insurance becomes an urgent priority.
Protecting What Matters: Three Essentials for Business Owners
We know insurance isn’t everyone’s favourite topic. Most people only think about it when something’s already gone wrong. Our job is to make sure things don’t completely fall apart when the unexpected happens. We deal with the “what ifs” so you don’t have to, because running a business is no small feat.
Three Key Insurances Every Business Owner Should Consider
1. Ownership Protection
What happens if a business partner dies? Without the right cover, you could suddenly find yourself in business with your partner’s spouse or children. Ownership protection ensures the business stays with the person running it, and the family is properly compensated. It avoids unnecessary drama and keeps the business running smoothly.
2. Asset Protection
Many businesses use personal assets, like the family home as loan security. That works fine until someone dies and the bank comes looking for repayment. Asset protection means the loan gets taken care of, the family stays in the home, and the business doesn’t lose its footing. It’s about stability, dignity, and keeping the chaos at bay.
3. Key Person Cover
Every business has at least one person who keeps everything moving. If that person dies or becomes disabled, the business can take a massive financial hit. Key person cover provides funds to absorb the drop in revenue and recruit a replacement so you’re not rebuilding from a position of panic.
Why It Matters
These aren’t dramatic edge cases; they happen quietly and often. The difference between a total mess and a situation handled smoothly usually comes down to planning ahead. Insurance is the safety net that lets you focus on growth, knowing you’re protected if things go sideways.
Let’s Talk
If you’re not sure what would happen in your business in any of these situations, that’s usually a sign it’s worth a conversation. If you would like to know more, book an introductory call using this link.
