What are the type of business risks you’d face as a business owner and can you part-transfer them?

As a business owner, you would be constantly looking out for new opportunities and be building your capabilities and capacities to acquire more market share. However, you’d also be wary of the need to protect your interests and to be able to focus on the mid to long term planning so that your business can be sustainable and be able to exit at one point.

Some of these risks may be transferrable and would put your mind at ease. Financial planning for your business should start as soon as you embark on the entrepreneur journey. There are potential insurable risks associated with your business.

Such risks include your own personal risks’ in the event of retirement, retaining key employees, your employees’ risk exposure, as well as your business and assets risk.

You could have got your business succession planning, key man protection, golden handcuff, credit protection, debtor protection planning in place, right from the start.

With the right financial planning, you can also leverage on tax savings for your business.