BUSINESS PLANNING
What is business loan protection?
Financial lifeline offering protection and peace of mind
For many businesses, borrowing is necessary for growth, investment, and day-to-day expenses. However, the question often arises: what happens if a key figure responsible for the business’s success suddenly becomes unable to contribute due to death, critical illness, or terminal illness? At this juncture, the importance of business loan protection becomes clear. This service acts as a financial lifeline, offering security and peace of mind by ensuring your business can still fulfil its loan repayment commitments under such dire circumstances.
How business loan protection works
Business loan protection provides coverage for outstanding financial obligations—such as overdrafts, loans, and commercial mortgages—if a key employee passes away or is diagnosed with a terminal illness (expected to lead to death within 12 months) during the policy term. For an additional premium, you can also include Critical Illness Cover from the outset, extending protection if a key employee is diagnosed with a specified critical illness during the policy duration.
When setting up business loan protection, it’s essential to reflect the amount your business owes accurately. This ensures that should a claim be made, there is adequate coverage to repay your business loans fully. The ramifications of failing to meet loan repayments can be severe, not just for the business’s financial health but also for its reputation and the well-being of its employees and stakeholders.
Ready to discuss how you secure and protect your business’s future?
At Roxburgh Financial Services, our highly experienced team is dedicated to advising and supporting you in setting up protection that aligns with your business’s financial obligations and goals. Protect your business’s future today and ensure your company remains robust and capable of meeting its financial obligations, even in adversity.
Contact Roxburgh Financial Services to discuss how we can support your business and provide ultimate peace of mind for you, your staff, and your stakeholders. Secure your business’s financial lifeline if you lose a key employee.