How do I protect my income?

laughton · Apprentice Joined: 25 Apr 2005 Posts: 8

I run my own business, it's doing fine at the moment but I have some possible problems I don't know how to solve. I am the only manager at the company and everything goes through me which means that I'm the only person responsible for firm's success. But as I'm getting older I would like to protect my business and also my income. Can you give me some advice regarding protecting my income?

reiko · Apprentice Joined: 01 Feb 2008 Posts: 3

Running your own business can be very difficult; working long hours, no vacations, no time to spend with family. This can drive one healthy individual into sickness and as soon you realize that, you will start making some changes in your life. After years of struggling with a hectic work schedule one can reach a situation with no way out. That's why you need to do something in order to secure your business and your income also. I recommend Income Protection Policy, which can be very helpful if you get injured or ill. Also, there is something called Key Person Insurance which can cover the expenses of hiring another manager while you're unable to run your company for short or medium period of time.