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Business Protection – can you afford not to?

As a small or medium sized business owner, you should be proud to form the backbone of the UK economy. You currently form 99% of the number of UK private sector businesses, and 60% of employment in the private sector is reliant on SME’s like yourselves, making you vital to the UK economy.

Being so vital to the UK economy means as business owners, you are aware of the risks that you may face including changes in the economy, competitors and ongoing profitability. You are also prudent enough to cover some of these risks like premises, machinery, vehicles and computer systems. Yet these are not the necessarily the biggest risks you may face as a business owner.

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Health Cash Plans

An increasingly popular benefit for employees, health cash plans are a type of insurance policy which pay employees tax free cash back towards everyday health care such as dental treatment, eye tests, glasses, contact lenses and physiotherapy.

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Should your life insurance policy be in trust, and who will benefit from it?

So, you’ve already arranged a life insurance policy, or you may be about to do so. Perhaps you’ve done this to cover a debt such as a mortgage, or to provide a lump sum for your partner or your financial dependents. But should this policy be in trust? Who will get the money and how long will it take?

If you have made a will then it will contain a list of who you wish to receive the benefits of your estate, but before this can be carried out your executors will have to apply for a grant of probate. If you haven’t made a will, any assets will be subject to the Laws of Intestacy which could see them go to the wrong people.

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