Life is uncertain and you must be prepared. Many small business owners are business owners for life, but what happens to your business if something happens to you, asks Caron Beesley, the author of a recent article, What Happens to Your Small Business if Something Happens to You?
- Safeguard your assets
If you are planning on financing business expansion in staffed flexible offices, use company assets as collateral. In no circumstances never try to use your personal assets in your company loan because if you cannot repay your loan due to sickness or death then the creditor could run after your home and other assets.
- Get Personal Insurance
Of course protecting your income How Smart Businesses Deal with Crises
and your family is one of your main concerns. One way to do is to avail of a personal disability insurance plan that will protect you in case of short- or long-term disability from injury or illness.
- Keep the Business Afloat
Another decision that you may want to consider is business overhead expense insurance. This type of disability insurance is another tax-deductible risk management policy that takes care of expenses like salaries, rent in team office space, utilities, and other overheads during the period of an illness-related absence.
- Cover Your Losses
Losses are an expected consequence of the absence of the owner from the business in day offices, but another form of insurance can also protect against this. Critical illness insurance pays out a one-time sum to cover losses incurred as an outcome of a serious illness. A tax-free payment will be used to fund business expenses and pay off debts to suppliers and creditors.
- Get Legal Assistance
Consult a business insurance agent and a business succession planning attorney for strategies that can protect your business in small office space Orlando. If you plan to keep your business running after your death, get legal advice about putting a succession plan in place.
A business contingency plan is the solution protects your small business. Make sure your plan includes insurance and financial instructions. Your business will continue to thrive should something go wrong.
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