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There are many reasons why a business may require cash, in the form of a loan. Are all your business loans covered by the appropriate life insurance cover?
Whether it is to finance the cost of new equipment, purchase new premises, meet product development costs or recruit a new sales team, businesses often borrow money to help them grow and develop.
However, as businesses are exposed to the risk of outstanding loans, they must consider not only how to meet ongoing repayments but also how to finance full repayment if finance has come from a key individual who passes away or is critically ill. Setting up a business loan protection can help avoid any potential adverse effects on your business’s ability to survive and grow due to unpaid loans.
What are the benefits of the Business Loan Protection?
In order to assist the growth and development of a company, most businesses borrow money for various reasons for example to buy stock, finance the cost of new equipment, purchase new premises, meet product development costs or recruit a new sales team.
The cost of these loans is actually covered by the business’s income, however, this income can be affected by the loss of certain, often key, individuals or someone who has acted as a guarantor for the loan.
Unpaid loans can result in a loss of confidence by banks. This can have a devastating effect on the business’s ability to grow or even survive.
The Business Loan Protection Plan allows a business to put in place an appropriate solution that will provide funds to repay any borrowings.
Calamatta Cuschieri is an enrolled Tied Insurance Intermediary under the Insurance Distribution Act for MAPFRE MSV Life p.l.c. (MMSV). MMSV (C-15722) is authorised under the Insurance Business Act. Both entities are regulated by the Malta Financial Services Authority. The Product is manufactured by MMSV and distributed by Calamatta Cuschieri.
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