{"id":763,"date":"2020-11-23T08:34:41","date_gmt":"2020-11-23T07:34:41","guid":{"rendered":"https:\/\/pfadvisors.co.uk\/?p=763"},"modified":"2023-03-28T10:29:04","modified_gmt":"2023-03-28T08:29:04","slug":"borrowed-more-in-lockdown-protect-your-business","status":"publish","type":"post","link":"https:\/\/pfadvisors.co.uk\/en\/borrowed-more-in-lockdown-protect-your-business\/","title":{"rendered":"Borrowed more in lockdown? Protect your business"},"content":{"rendered":"

Even before millions of businesses took a financial hit due to coronavirus, over half of UK companies had some form of debt, owing an average of \u00a3176,000 each. Despite this, just 20% had an insurance policy in place to protect them if they were unable to pay their debts<\/em><\/p>\n

Since March, however, businesses have borrowed over \u00a358bn through government-backed coronavirus loan schemes, according to Treasury figures\u2013 meaning that UK businesses are now more heavily indebted than ever.\u00a0 6<\/em><\/p>\n

Protecting your business <\/strong><\/p>\n

If you have taken on more debt to keep your business afloat during the pandemic, you\u2019re certainly not alone. If you didn\u2019t have an insurance policy in place prior to lockdown, such as a business loan protection policy, it\u2019s all the more important you do so now.<\/p>\n

Business loan protection <\/strong><\/p>\n

There are several types of business protection, one of which specifically pays out if companies find themselves unable to repay loans such as commercial mortgages, business loans or director\u2019s loans. This could happen if, for example, one of the company\u2019s directors were to die or develop a serious illness. A business loan protection policy, therefore, takes the form of a life insurance or critical illness policy (or sometimes both), which will provide funds to repay the business’ debts if the worst were to happen. If you\u2019re a business owner, you may have used your own personal assets, such as property, as security for a business loan. If so, not only you, but your loved ones, could face financial hardship if you are not insured.<\/p>\n

Keep your business safe <\/strong><\/p>\n

Many businesses have unfortunately lost their battle for survival this year \u2013 don\u2019t let yours be one of them. We can help you find a suitable policy that protects your business against the unexpected.<\/p>\n

\ud83d\udea8 Data accurate as of the date of publication \u2013 23.11.2020.<\/p>\n

\ud83d\udea8 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.<\/p>\n

6Legal & General, 2018,<\/p>\n

7UK Treasury, 2020<\/p>\n

Source: Quilter Financial Planning \u2013 Essentially Mortgages Q4 2020<\/p>\n","protected":false},"excerpt":{"rendered":"

Even before millions of businesses took a financial hit due to coronavirus, over half of UK companies had some form of debt, owing an average of \u00a3176,000 each. Despite this, just 20% had an insurance policy in place to protect them if they were unable to pay their debts Since March, however, businesses have borrowed […]<\/p>\n","protected":false},"author":1,"featured_media":760,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[28],"tags":[],"class_list":["post-763","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"\nBorrowed more in lockdown? Protect your business - Prestige Financial Advisers<\/title>\n<meta name=\"description\" content=\"Chro\u0144 sw\u00f3j biznes w UK. 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