This page is very different from others you may have read. It is not pleasant, but it is serious. 1 in 2 of us will get cancer at some point in our lives.
Those who work for a large employer or in the public sector will get six months on full pay and six months on half pay – should they need it – to take time off to beat cancer or another dreadful disease.
What would happen to your business if you did not work for a year?
Cancer and other serious illnesses destroy great small businesses. They can also destroy the finances of great small business owners.
Step 1 is to work out what the impact would be on your business if you could not work for a year.
BuBul users can get a free easy to complete check list by emailing firstname.lastname@example.org with “Free Keyperson Checklist” as the title.
Step 2 – work out the financial impact of everything on your list – for example if you would need to employ someone else, what would it cost to employ them? (do not forget employers NI, Pension contributions etc etc).
Step 3 – add up the total cost to your business of you not working for a year.
Step 4 – if you would find it difficult to pay your own bills if you were not working, think how much you would need each month to pay essentials like: your mortgage, council tax, utilities etc. The easiest way to not miss anything is to go through your bank statement.
You can find an insurance policy that:
There are some great insurance policies. There are also some bad policies, overpriced policies, and policies that are very difficult to claim on.
Some policies can reduce your tax bill, others can increase it.
Some policies are really good if you have a complicated medical history (e.g. diabetes, high blood pressure or depression), and others are not.
If you have an accountant, they should be your first stop for business advice. If you don’t have an accountant or they can’t help, BuBul has a wide range of experts available. For help protecting yourself and your business, contact our expert* Rob on LinkedIn.
*We’ve picked experts we know and trust who are good at what they do. All of them will give you at least an extra 30 minutes free advice if you contact them and would then charge their normal prices. They don’t pay to be on BuBul and don’t give us any money from anything they earn as an expert.