The partnership between Business Support Chester and Echo Finance allows a powerful collaboration to offer an extensive suite of mortgage, finance, and insurance products. Between us, we can assist Businesses and individuals to a wide array of finance and insurance services tailored to their specific needs.
We recognise that our clients dedicate significant effort to establish and grow their businesses. They often become so absorbed in the daily operations that they may neglect the people-related risks that could significantly impact their business in the short and long term.
Risk Mitigation: Financial protection helps safeguard a business against unexpected financial losses and disruptions. This includes protecting against events like natural disasters, economic downturns, or unforeseen crises.
Continuity: Having financial protections in place, such as insurance, ensures that the business can continue its operations even in adverse circumstances. This is especially important for maintaining customer trust and supplier relationships.
Debt Management: Businesses often have loans and financial obligations. Proper protection can help in servicing debts and preventing defaults, which could have serious consequences.
Asset Preservation: It safeguards the assets of the business, which might include physical assets like property and equipment, as well as intangible assets like intellectual property or a strong brand.
Employee Security: Financial protection can extend to employee benefits, ensuring that employees are taken care of even in challenging times. This can boost employee morale and retention.
Legal Compliance: In many jurisdictions, certain types of financial protection, such as liability insurance, are legally required. Failing to have these protections in place can result in legal consequences.
Reputation Management: A business that is financially secure is often viewed more positively by customers, partners, and investors. It can enhance the reputation of the business in the market.
Peace of Mind: Knowing that the business is financially protected can provide peace of mind for business owners and stakeholders, allowing them to focus on strategic growth rather than worrying about financial vulnerabilities.
Risk Diversification: Business protection strategies can also involve diversifying investments and income sources, reducing the business’s dependence on a single revenue stream.
In summary, financial business protection is a proactive approach to managing risks, ensuring the stability and resilience of the business in the face of uncertainties and challenges. It is an essential part of responsible business management.
What we can assist with;
- Business Protection
- Personal Protection Products
- Mortgage and Business Finance
Business protection
Business Key Personnel Cover, also known as Key Person Insurance, is a policy that protects a company from financial loss in the event of a key employee’s death or disability. It provides a pay-out to the business, helping to cover recruitment and training costs and offsetting the loss of the key person’s contribution.
Relevant Life Cover is a tax-efficient life insurance policy for company directors and employees. It provides a tax-free lump sum to beneficiaries in the event of the insured person’s death. This policy is often offered as an employee benefit and can be more cost-effective than traditional life insurance, benefiting both the employee and the company.
Shareholder or Partnership Protection Insurance is a policy that ensures the smooth transfer of business ownership in the event of a shareholder’s or partner’s death or critical illness. It provides funds to buy the deceased or ill individual’s share, ensuring business continuity and financial stability for the remaining shareholders or partners.
Business Loan Protection is a policy designed to cover outstanding business loans in case of a key individual’s death or critical illness. It ensures that the loan can be repaid, safeguarding the business and its assets, and preventing financial difficulties for the company or its guarantors.
Personal protection products
Private medical insurance is a policy that individuals purchase to access private healthcare services. It provides coverage for medical treatments, consultations, and procedures in private hospitals or clinics. This insurance offers prompt, personalised healthcare and can be tailored to suit specific medical needs and preferences.
Life insurance is a contract between an individual and an insurance company, providing financial protection for the policyholder’s beneficiaries upon their death. It pays out a tax-free sum, known as the death benefit, to help cover expenses such as funeral costs, debts, and provide financial security for loved ones. Decreasing Term Assurance: The coverage amount decreases over time, typically to match a declining financial obligation, like a mortgage. It’s cost-effective for specific purposes. Level Term Assurance: The coverage amount remains constant throughout the policy term, providing consistent protection and is often used for broader financial security.
Decreasing Term Assurance: The coverage amount decreases over time, typically to match a declining financial obligation, like a mortgage. It’s cost-effective for specific purposes.
Level Term Assurance: The coverage amount remains constant throughout the policy term, providing consistent protection and is often used for broader financial security.
This insurance provides a portion of an individual’s income in case they are unable to work due to illness or injury. It offers financial security by replacing lost earnings during a period of incapacity.
Critical Illness Cover is a type of insurance that pays out a tax-free lump sum if the policyholder is diagnosed with a specified critical illness, such as cancer or heart disease. It provides financial support to cover medical costs, debts, and other expenses during a challenging health crisis.
ASU Insurance, or Accident, Sickness, and Unemployment Insurance, is a policy that provides financial protection in the event of accidents, illness, or job loss. It offers temporary financial assistance by covering loan repayments or living expenses, helping individuals maintain financial stability during challenging periods of unemployment or health issues.
Buildings Insurance is a type of insurance that protects the physical structure of a property, including the building’s walls, roof, and fixtures. It typically covers damages caused by events such as fire, floods, vandalism, and natural disasters. This insurance is essential for homeowners and landlords to safeguard their property investments.
Contents Insurance is a policy that safeguards a person’s personal belongings and possessions within a property. It provides coverage against risks like theft, fire, or damage to items such as furniture, electronics, and jewellery. This insurance helps replace or repair lost or damaged belongings, offering peace of mind to homeowners and renters.
Finance
Using a mortgage broker offers several benefits. Firstly, brokers have access to a wide range of lenders and mortgage products, allowing them to find the best terms and rates that suit your specific financial situation. We provide personalised guidance and simplify the complex mortgage process, ensuring you make informed decisions. Echo Finance will also allow you to save time and effort by handling paperwork and negotiations on your behalf. Importantly, we can secure better deals, potentially saving you money over the life of your mortgage. Furthermore, we offer expert advice and ensure you understand your mortgage options, helping you to make sound financial choices and find the right home loan.
Business finance services from Echo Finance offer a range of financial solutions tailored to meet the unique needs of businesses. These services include financing options, capital investment strategies, risk management, and financial planning, all designed to support and enhance the financial health and growth of businesses.
Bridging loans sourced by Echo Finance are a flexible and short-term financing solution. These loans bridge the gap between the need for immediate funds and the arrival of long-term financing, making them ideal for property transactions, property investments, or business purposes. They provide quick access to capital for various financial needs.
Business owner
financial health checklist
We believe that addressing some or all of the points below will enable you to take action that may reduce your overall tax bill and protect your business against unforeseen events that could affect its future value and saleability; as well as your ability to pass the business on to other family members or co-owners.