Businesses usually arrange insurance for damage to tangible things such as premises, stock or equipment, and may even have plans in place for how to continue running after a flood or fire damage. However, the importance of key owners and staff is often overlooked, and can have disastrous consequences for a small business.
For example, if you suddenly died or became critically ill, would your business have enough assets to enable your family or beneficiaries to pay back any loans that you had previously obtained?
Business liability protection offers peace of mind that, on the death of a sole trader, their family would be able to repay any kind of debt or liability that the business has, including: