Business

 

business finance in the South West

 

For your business, we can help you raise finance, refinance at lower rates or ensure that your company is properly protected.  Our partner can help you review your current company pension schemes, assessing its performance against the alternatives.

 

 

Commercial Finance:

Are you an experienced business owner looking to expand? Have you checked recently whether refinancing could lower your costs? Are you starting your first company? The Financial Detectives are here to help.

Commercial finance can help you to:

  • Improve or increase operating premises.
  • Buy commercial equipment.
  • Increase your working capital.
  • Buy more stock.

Commercial Finance Tips:

Before approaching a lender it’s worth having the following information to hand if possible:

  • Personal financial statements for the last 3 years.
  • Your tax returns.
  • Monthly cash flow forecasts.
  • A detailed business plan.
  • The company’s financial statements, with balance sheet and profit and loss figures.

We provide access to the whole UK market for commercial lending. This includes bridging finance and commercial Buy-to-Lets.  We can help you raise finance and ensure that your company is properly protected.  Our partner can help you review the company pension schemes.  They will be able to show you how it is performing in comparison to the alternatives.

 

Commercial Insurance:

Running a business is risky. We both admire and support the people who launch or run businesses.  Having invested your own money, time and energy, it can be devastating if things go wrong, particularly if it is not of your doing.  We can help you manage your risk.

The floods of 2007 hit many businesses hard.  This wasn’t just through physical damage but also due to the lost business that followed.  Insurance helped to put these businesses back on their feet.

If you have employees, you are required to have Employers’ Liability Insurance.  If your employee is injured at work, or becomes ill as a result of their employment, this covers the cost of compensation and legal fees.  Employees injured due to your negligence can seek compensation even if your business goes into liquidation or receivership.  By law, you need at least £5 million in cover but, in practice, most policies offer at least £10 million.

Your policy should cover all conventional employees, contract, casual and seasonal staff as well as temporary staff, including students or others on work placements. If your organisation involves volunteers, advisers, referees or marshals you should tell your insurer.

The Health and Safety Executive is responsible for enforcing the law on Employers’ Liability Insurance. You could be fined up to £2,500 for each day that you are without cover.

Other types of insurance

– Protection against risk of compensation claims and legal action:
You have legal responsibilities towards your customers and the general public.  If members of the public are injured, you could be liable to pay compensation.  This could be if you or your employees have done something wrong, failed to do something you should have, or have broken the law.  Liability insurance covers the cost of compensation to the claimant and legal fees.  In addition, Legal Expenses Insurance can pay for the legal costs involved in pursuing or defending other claims.

– Protection for your property:
Buildings and their contents are essential to any business.  You can protect your investment against damage through events like burglary, fire or flooding.  In addition, Business Interruption Insurance will cover you for any periods when you cannot do business as normal, due to damage.

– Protection for your employees:
Employees are an invaluable asset to every business and there are various products that can help provide financial security and medical assistance, for you and your employees, in the event of illness.  Also see Income Protection.

 

Business Pensions:

Auto Enrolment:

Every employer is now required to provide a business pensions scheme for eligible employees, and contribute towards it. Employees are eligible for the scheme if they are:

  • Aged between 22 and State Pension age.
  • Earn more than £10,000 p.a.
  • Work in the UK.

Employees don’t need to do anything, they are automatically enrolled onto the scheme.  Employers, however, need to ensure they have a pension scheme operating.  Eligible employees need to be enrolled by a certain ‘staging date’.  To find out when this is visit The Pensions Regulator.

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