Business protection defines a range of strategies used to alleviate the effect of a major event on a business. A major event may include the loss of a key person within the business or death of a shareholder.
Not planning for such an event could result in significant risk to the business, reduced profitability, increased workload could be the consequences the business faces after a disruptive event. Planning for these instances equips the business with extra support should these circumstances arise in the future.
Business Protection policies can be categorized as Continuity Planning or Succession planning.
Succession planning focuses on identifying individuals and groups that can assume control in the event of changes to the business. This focusses on Shareholders & Business Partners.