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Business and Personal Insurance

As a business, irrespective of your industry, balance sheet size or revenue range, sole trading or self-employed, your workforce remains your invaluable asset.

Therefore having a healthy and well-motivate workforce will make a huge difference to your business. There are a number of protection policies that can be accessed depending on your business situation. First a little insights!

Private Medical Insurance

Private health cover (also known as private medical insurance) is designed to cover the costs of private medical treatment for curable, short-term illnesses or injuries (commonly known as acute conditions). With appropriate medical insurance in place, your workforce becomes more than just staff but partners.

Having key staff absent from work can have a huge impact on small businesses. So most small companies buy private health cover to avoid lengthy absences and high business costs caused by staff having to wait for treatment on the NHS. Your staff may also benefit from choosing when to have treatment and at which hospital.

Other policies to consider:

  • Public liability
  • Buildings and contents
  • Employers' liability
  • Computer breakdown
  • Damage including breakdown to medical equipment
  • Legal expenses cover
  • Deterioration of drugs and vaccines
  • Risk advice and discounts on security
  • Personal accident
  • Directors and Officers insurance
  • Loss of licence and employee fraud

Life Insurance

Life insurance pays out a cash lump sum if you die within the term of the policy. Cover is usually on a level or decreasing basis. With level term the amount of cover remains the same throughout the policy. With decreasing term, the amount of cover reduces over the term of the policy.

Type of life cover

(a) Level insurance cover

Level insurance pays out a fixed amount, so this will help give your family a financial safety net. This cover could also be ideal for helping cover the amount borrowed with an interest-only mortgage.

(b) Decreasing cover

Decreasing insurance helps to protect your family financially if you have a repayment mortgage or loan. As what you owe reduces over time, so does the amount of cover. This helps keep costs lower.

Rationale

As we grow older, get married, build families and start businesses, we come to realise more and more that life insurance is a fundamental part of having a sound financial plan. Depending on your type of policy, life insurance is fairly cheap, which means there’s no excuse to why you can’t get coverage now! Plus over the years, you’ll find comfort in knowing money will be available to protect your loved ones in the event of your passing.

Here are a few other reasons why having life insurance is so important:

  1. To protect your family and loved ones;
  2. To Leave an Inheritance;
  3. To pay off debts and other expenses;
  4. To add more financial security;
  5. To cover medical bill in case of major illness diagnosis;
  6. To bring peace of mind.

Critical illness cover

Critical Illness cover pays out a lump sum if the insured is diagnosed with a critical illness such as cancer, stroke, heart attack etc (few example). Please pay attention to related policy definition of critical illness. This one-off lump sum cash payment could help to pay off mortgage, provide funds to convert home if need be or cover any care costs.

It is a good financial plan to give a thought to how you and your family would cope financially if you suffer a critical illness. Generally, all critical illness cover is designed to help you if you suffer a serious illness or have to undergo a certain type of operation. It can help ease financial worries at a traumatic time for both policy owner and the family.

How Can We Help?

In more than one way, we can assist you to fortify your financial plans through:

  1. Review of your existing insurance policy to ensure they are still appropriate;
  2. Save you money of your policy;
  3. Get you a policy plan from the best Providers in the market if you don’t have one in place.

Pricing

Our advice is FREE

Get in touch with us: team@practicaladviceconsulting.co.uk