Business Loan Protection
Many businesses take out loans and rely on a few key people to repay them. This funding could be for starting up or expansion and without protection, a business could suffer severe losses in the event of a key persons death or sufferance of a critical illness.
Many business owners may have given personal guarantees and/or used their residential homes as security also so the knock on effect on surviving dependants should never be overlooked. Have you thought how your business would meet any ongoing repayments, if one of your key people died? If finance has come from a directors loan account their estate may demand repayment on their death. Business Loan protection can provide the funds to clear these outstanding loans at a time when the company’s business bank manager will be least willing to help out.
To find out more information about business loan protection please contact us and we will be happy to help.