The importance of risk management for your business (Part 1)

Increasingly, we are facing with a variety of strategic threats which may impact your business. From trade war to global pandemic and unexpected loss of a keyman, these episodes are just a few key examples which will disrupt the balance and growth path of your business. In some cases, due to lack of adequate planning, it may affect the going concern of the company. To cope with unforeseen events, businesses may wish to relook at their risk management strategies and consider adopting suitable tools to help navigate through rough waters. Life insurance plan for business is one good example.

When we come across the term “life insurance”, we often associate it with coverage for individuals and death benefits. However, when you strategically apply it to specific risk exposures, it can play an important role in supporting your business.

To help you understand how a life insurance plan can mitigate some of your business risks, we consider the following scenarios:

What will happen to my business and family if unfortunate events such as death or disability were to happen to me or a keyman?
Will my business have enough resources to weather through the transitional period?
How can I better retain my key employees from leaving for another company?
How do I set aside resources from positive cash flows to better prepare for rainy days?
How can I improve credit standing of my business?

If the above are of concern, you may wish to read further on how a well calibrated life insurance plan can better prepare your business for the future.

All businesses are different and application of business life insurance to manage risk is both a science and an art. UOB Vietnam partners Prudential to provide quality solutions for both businesses and individuals. Drop us a note and speak to us today. It is never too late to start a meaningful discussion.