When starting up or running a small business, there are many things to work on to ensure that your company is successful. From where to operate from, which can be made simple by Flexspace, to how to realise new customers. Then there’s staffing, invoicing and everything else that goes into it. These day-to-day challenges can often distract from some more significant concerns. Like your health.
It is normally the case that your employees have more protection and cover than you do. If they are absent then there’s normally a way to cover them. Even if the cover is you. However, what about you or any of your co-Directors? What would happen if you suffered a long-term illness or absence from the office. How would your business cope? This is where Key person insurance helps.
Key person insurance is in simplified terms life insurance on key persons within a business. This could be the owner of the business, the founder or possibly a key employee. Generally it is one whose non-attendance would have a significant negative impact on the company and is not easily replaced.
Any firm is able to set up key person insurance to aid when a key staff member in the company becomes critically ill or dies. This insurance policy can also assist in circumstances such as when the key person in the business has either been in an accident or hospital and is unable to pay for their workspace rent. Rent arrears can be a hassle which, can under certain conditions, be easily avoided by taking out the right policy.
Staff in any company are the asset to a business, losing an important person in any firm may put a small business in jeopardy. Even in larger companies, there may be certain salespeople or technically skilled staff members who are virtually irreplaceable. With this insurance, you can maintain continuity, ensuring a business is able to operate financially and constructively even if it loses an important member of the team.
A key person insurance policy can also provide a pay-out in the event of a critical illness. An example of this could be the business loan protection, which will give lenders reassurance that the key person insurance will cover debt repayments.
At Flexspace we hope that clients never need to use key person insurance, but it is a fact of life that these kinds of situations occur. Which is why we recommend that you consider making your future business more secure and consider key person insurance.
Talk to your financial advisor if you want to explore this form of cover.
You can rent a Flexspace unit for a minimum of 6 months all the way up to 10 years or more.
Most sites have different unit sizes, so you can move and grow with Flexspace. Choose workspace on your terms.
Most of our units are so flexible that you can shape the space to be precisely as you want it to be.
From Cafes to Gyms, Galleries to Labs, we’ve seen and done it all. Choose space to fit your needs.
Flexspace have helped me turn my little dream into a profitable reality! Being a small business owner looking for premises can sometimes be daunting but Loraine and the Flexspace team helped me with every step in finding the perfect solution for my business and I couldn’t be more grateful.
The team go above and beyond to look after their tenants and nothing is every too much trouble. Premises are clean, well maintained and I always feel extremely safe when I’m at work even on those dark winter nights! I have highly recommended Flexspace to fellow business owners – a hidden gem in Peterborough!
Our offices in Blackpool are easily accessible for the people we support, some of whom are in wheelchairs, there is a ramp to the entrance door and disabled facilities. Our offices are nicely decorated, comfortable and affordable.
Our Area Manager is very helpful and readily available should we have any queries or problems. The public areas are kept clean, safe and presentable. She goes over and above the call of duty for the clients.
I have enjoyed renting from Flexspace for the last 3 years and hopefully will be there for a good few years to come. Found the staff very helpful and easy to get on with.
Excellent service, the Centre team are happy to assist with meeting rooms at short notice. They ensure that repairs are carried out quickly. I needed several new sockets in my room and these were provided very quickly with no inconvenience to myself.
The staff are friendly, professional and knowledgeable and nothing is ever a problem.
Flexspace Dunfermline has had a big impact on the growth of my business over the last 3 years. Offering the ability to offer in-house training to clients with the use of the meeting room facilities. The team always ensure that the rooms are set up to the exact requirements I need to deliver the training to my clients. From equipment set up to the supply of refreshments to my delegates.
Having a dedicated team onsite that are always on hand to assist with anything from reception to administration is a real benefit to my business. The staff are always very approachable and nothing is ever too much for them when I ask for their assistance.
RDM Group has occupied buildings on the Bilton Industrial Estate for over 22 years and we have seen many owners in our time. In 2007 ‘Flexspace’ acquired the estate and through their resident manager, we have seen a dramatic improvement in the overall operation of the estate together with a continual investment and improvement program into the buildings, security and facilities which makes the estate an extremely good place for our company to be located.
Big thanks to you and Alan for your efficient handling of the whole process.
Many thanks for your support in our move into new office space, everything has been really smooth and easy even down to ensuring locks were changed and secure.
The facilities are excellent and spotlessly clean throughout and it’s so helpful for us to have access to additional rooms for booking for training events when we need it. We are so glad we made the move into a really pleasant and well maintained working environment.