The Importance of Financial Planning for Yourself and Your Business

The Importance of Financial Planning for Yourself and Your Business

As an insurance broker and advisor, we work with businesses and individuals every day. However, in our industry, we often engage with companies and people on their worst days. The COVID-19 pandemic has placed tremendous pressure on businesses around the world – especially small to medium-sized businesses (SMEs). Given these uncertain times, now more than ever it is important to conduct both a financial review. A thorough financial review allows you to assess or reassess your financial and insurance planning to make sure all of your assets and loved ones are protected. 

Whether it’s a personal or business financial review (or both), the experts at Petra are here to help. We have adapted to recent COVID-19 social distancing regulations compliance regulations by providing secure consultations through online conferencing platforms. Now more than ever, it’s time to evaluate (or reevaluate) your financial plans for yourself and for your business. 

Business Protection Insurance 

As a business owner, there are many hazards that can threaten your company today and into the future. Whether it’s the threat of new competitors entering the market, losing your key employee, losing one of your stakeholders, or dealing with an interruption in your daily operations, these potential hazards are diverse and unpredictable. 

When it comes to protecting your business, it’s better safe than sorry. Petra’s Business Protection Insurance provides organisations with various policies designed to help your company in the event of a financial or operational fall-out. Business protection insurance includes plans that cover employees, directors, stakeholders, as well as group risk benefits. Features included within this scope of coverage include:

  • Life insurance coverage for your employees: When it comes to running a successful business, employees are among your greatest investments and assets. Losing an employee is a significant loss to an organization. Additionally, losing one of your key employees will be a significant loss to the employee’s family. Life cover for your employees ensures that the family of your employees will be taken care of financially in the event of death while working for your company. 
  • Keyman insurance coverage: Keyman insurance is a form of life insurance taken out by a business to compensate that business for any financial losses that would arise from a death or injury of an important (key) person to the business. Occasionally referred to as partnership coverage, keyman coverage offers several advantages to a business as an additional benefit or extra payment to the key employee during his/her service period to the company. Additionally, this type of coverage serves as insurance to protect the life of the business in the event that a key employee is unable to work. Essentially, keyman insurance coverage provides your business with a lump sum amount in the event of death or severe illness of one of its shareholders/key employees.

When it comes down to it, business protection insurance provides your organization with financial continuity during unprecedented events that impact your company operations, such as the recent COVID-19 pandemic.

financial planning petra insurance

Personal Protection Insurance

As business owners, we become so focused on securing the future of our company that we often leave our personal financial planning on the back burner. Given the recent impact of the COVID-19 pandemic, many individuals are left wondering if they need to seek more personal insurance to cover their interests. At Petra Insurance Brokers, we take pride in helping our clients find the right coverage to suit their specific needs, to include:

  • Life and critical illness insurance: It’s important in life to prepare for the unexpected. Whether you are the primary income provider, work part-time, or are a stay-at-home parent, life insurance will provide financial relief to cover your missing salary and your debts (such as a mortgage). Essentially, life insurance is designed to protect your loved ones in the event of your death.Similarly, critical illness insurance protects your family if you or your spouse become too ill to work. You can even add a  family income policy, which protects your family financially by providing a regular monthly income in the event that you (or your spouse) are unable to work due to a severe illness or untimely death. Both life insurance and critical illness insurance provides financial relief to your beneficiaries during what will amount to be an emotional and challenging time in their life.
  • Health insurance: Health insurance is a type of insurance coverage that pays for medical, surgical, and sometimes dental expenses incurred by the insured. Health insurance reimburses the insured for expenses incurred from illness or injury, or pay the care provider directly. Depending on your specific needs, you can opt for individual, family, or group medical insurance.

Protect Your Business and Yourself with Petra Insurance Brokers 

It’s never too early or too late to ensure your personal and professional finances are secure. A thorough financial review allows you to assess (or reassess) your financial and insurance planning to ensure all of your assets and loved ones are protected. 

At Petra Insurance, we leverage the power of over 50 years of industry experience with the latest innovative technologies and best practices to protect your personal and organisational interests. Regardless of your career, medical history or age, our advisors are ready to help you review your existing coverage or to provide you with a quote for new coverage to ensure you’re protected for everything life throws at you.

Contact a member of our team today. You can also reach us on Facebook, Instagram, Twitter, and LinkedIn

The Importance of Financial Planning for Yourself and Your Business


Managing Partner

Leave a Comment

Your email address will not be published. Required fields are marked *