Are you covered by your company?
Published: 28/07/2020 By Martin CardThe COVID 19 pandemic has certainly focused our minds on how we will and can cope when business has been turned upside down, income is affected but there is a real threat to our health.
Going forward, as we start to cautiously exit from the fog of the lockdown, it is clear that making sure that our families are protected and that we are being as efficient as possible with our expenditure are key considerations.
Those that conducted their business through a limited company have been able to furlough themselves to help with cashflow and this perhaps illustrates one aspect of having your own limited company that can prove beneficial.
Another aspect is the ability to use your limited company to pay for your life assurance and income protection cover.
You will be aware of life assurance but perhaps not so aware of income protection. Income protection provides you with a regular income if you are unable to work due to sickness or accident for an extended period of time. For some, this could be the difference between having a roof over your head or not during this crisis.
Having your business pay for life assurance and income protection can mean a saving on income and corporation tax and a saving of employer’s national insurance. In some cases the cost of cover is up to 40% cheaper than paying the premiums yourself.
So why not get in touch to see if you could make a saving. Even those who already have cover could benefit from a review to see if that cover can be replaced through business assurance.
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