If your business borrows money, and a guarantor dies or becomes critically ill, the lender can demand you repay all or some of that loan, often at short notice. Unexpected events such as this could be seriously harmful to your business at a time when emotions are already running high and there is disruption to deal with.
Business Loan Protection insurance provides a lump sum to pay back loans. It can also cover loans from the personal funds of the deceased or critically ill person, not just a bank or mainstream lender.
If the terms of the loan state that personal assets are used as guarantees, Loan Protection can help ensure personal assets you’ve worked hard to purchase, including the family home, won’t need to be sold to cover the debt.
Contact me to find out more and how you can get peace of mind with business protection insurance to ensure your business can continue to operate.