Our Financial Planning team believes the Covid-19 pandemic has forced more business owners to face up to their own mortality and the potential financial impact on their business. We are seeing an unprecedented increase in enquiries from business owners seeking advice on how to protect their businesses in the event of their death or a serious illness.
Partner and Financial Planner Andrew Brown said: “During normal times, putting your affairs in order is rarely top priority when you are running a business. Since the Covid-19 pandemic, however, we have experienced a surge in enquiries from business owners who have been putting this off for years and have now decided to take action.”
We are launching a new service to respond to this increased demand for business protection advice. The new Business Resilience and Protection Service will provide businesses with a full review of their risks and advise on protective measures, ranging from insurance and Wills to restructuring the business. The focus is on making businesses more resilient.
We have teamed up with insurer LV to offer a risk calculator, which identifies the statistical likelihood of a business suffering an insurable event. According to LV, during their working life there is a one-in-three risk of a business owner dying, suffering a serious illness or being unable to work for two months or more.
Andrew Brown added: “This crisis has been a wake-up call for business owners, making many of them more concerned about their own mortality and the impact their death - or a serious illness - could have on their family and employees. If there was ever a catalyst to force people to take action this is it.
“The emotional impact of the pandemic, at a time when many of us have taken the opportunity to reflect and take stock, is resulting in more business owners putting contingency plans in place. Our new service, which brings together expertise from across our firm as well as other professional contacts, is designed to do just that.
“As a large regional firm, with a broad range of expertise, we are ideally placed to provide the full breadth of advice that business owners need.”
We are holding a free webinar on 17 September to provide businesses with an overview of some of the considerations relating to business resilience and protection.
Business owners can find out more and arrange a free initial consultation, by contacting the Thomas Westcott Business Resilience and Protection Service on 01392 288550.
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