Smart Choice Accountancy

Protect yourself and your business against loss of income

We can not predict what the future holds. Today we feel good, strong and we think we will be able to work until the retirement. However, something unexpected may always happen and ruin all our plans. It can be an illness, disability or an accident that can come suddenly and completely change our life by making it impossible for us to work and earn a living. We all hope nothing like that occurs, and in the case of the majority of us it won’t, but it is always good to secure ourselves against such unexpected and irreversible events.

There are many insurance providers that offer attractive policies that will save us and our families in case of inability to work and earn income. Usually we will get about 70% of our income from the insurance agency. Why not 100%? The main reason is that if people got the whole income, they might lose the incentive to come back to the labour market. So remember you won’t get the total amount of your earnings from any insurer. But still the money will be good enough to help us out in these difficult circumstances. The money will be paid to you until you come back to work or, if it is impossible, until reaching the age of retirement. It will allow you to pay your monthly commitments, like mortgage, bills and even pay for everyday shopping.

Business Interruption Insurance

Companies can also protect themselves against the loss of income. In today’s world it is often the case that once the business is thriving and at another time it may suffer financial difficulties. This is normal, but especially smaller enterprises, if they are not insured against the loss of income, have to close down. Insurance allows them to stay on the market despite difficulties, pay salaries and taxes. As a result, they do not have to reduce the employment and scope of operation.

Under what circumstances will the insurance be paid out? There are many events that can make the business cease to run for some time. Among them we can mention the fire or the flood of the company’s premises, or another emergency that results in the pause in the business operation. An additional option is civil authority insurance, which is especially recommended to companies located in areas susceptible to such natural disasters as hurricanes or whirlwinds.

Another interesting type of insurance is dependent property insurance. A dependent property is the one that allows the insured to earn income. It can mean the supplier that delivers goods or services or customer, who regularly buys the goods or services from the insured. In case it sustains its business activity, the insured’s is devoid of income and can pay out money from the policy in order to regain its previous financial position. However, we have to be careful and read the terms of the policy carefully, since there are many exclusions and reservations.

It is always good to protect yourself against any unforeseeable events. This will help you, your family or your business survive. Although you have to pay a premium each month, but the peace of mind that you are protected in case of difficulties is invaluable.

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