Posted on Jan 6, 2021 by Staff Writer
Sanlam business risk management is a service from Sanlam that helps business owners continue running their businesses in different circumstances. Business owners can protect key parts of their businesses with the Sanlam Business Risk Management.
Your business is at risk from micro and macroeconomic factors and some of these are unavoidable. Sanlam offers risk management services to ensure the continuity of your business during hard times.
In addition to providing your business with risk management services, Sanlam will also help your business with insurance needs. In the process, your business’s most important areas will be insured.
By applying the Sanlam risk management solutions to your business, you will be able to worry about business instead of protecting it.
Sanlam’s risk management products
Every business is at risk because of market inefficiencies, micro, and macro factors. To mitigate these, you need to have a working plan that will safeguard your business during hardships.
Be prepared for political, legislative, competitive, social, and other pressures that your business might face. Since every business operates within its own industry, it is also important to have a plan that works for your industry.
There is no one size fits all in business, your business needs solutions tailored specifically for it. Sanlam has solutions that will reduce the risks your business might face.
Solutions from Sanlam are not 100% absolute in mitigating all the risks that your business might face. However, these solutions will limit risks and in most cases prepare you for upcoming difficult events.
Sanlam solutions border around assets protection, overheads protection, debt protection, and protection of credit loan accounts. The protection of these areas of business will help your business continue, so let’s discuss each solution from Sanlam.
1. Sanlam Asset Protection
Assets are the cash-generating possessions and therefore they are the most important for business survival. Since assets are valuable, a business will need to protect these so that it can be able to continue.
Taking steps to make sure that your business assets are protected is the first step to get peace of mind when running a business. Sanlam offers a risk management solution that will protect your business assets.
Your assets will be secured at all times, ensuring that your business operations are always stable. The cost of not insuring business assets is costly. This can cost you your whole business and cause it to shutdown.
To protect your business assets and/or legacy then you can arrange with Sanlam to devise a strategy that suits your business assets need. For comprehensive asset protection needs analysis you can click here.
2. Protection of credit loan accounts
Since capital structures of business include loans from owners. These loans may not be protected should an owner die. To put safeguards on such loans, you may need to have a life insurance policy for owners.
A loss of a member or major shareholder can change business operations in many ways. A business might fail because of the death of a major shareholder or a key player in the company.
You need to safeguard your business from such events since they are unforeseen situations. Creditors may want their money should a business fail, this may lead to a disaster.
For example, shareholders may be left with nothing to redeem from the business in liquidation. Sanlam business risk management helps businesses to prepare for events like this. Insurance for keyman or life insurance for directors and shareholders are the likely solutions to ensure the continuity of business during such events.
The loan account solution
Sanlam offers a loan account assurance to cover the life of the owner of the business. Should an owner of the business suffer from a disability or die, the loan account assurance will pay out an amount which will, after estate duty, be equal to the loan account.
This cover will enable the business to repay the loan, therefore, the capital structures of the business will be protected.
The objective of the credit loan account solution is to make sure that the money borrowed from an owner is repaid. Even if the business pays back such a loan the loan account cover will ensure that money is paid to the owner’s estate and then back to the business.
3.Sanlam Protection of debit loan accounts
This solution protects the business financially in the event where the owner borrows money. Owners normally take loans from their businesses so the Sanlam business risk management debit loan account solution safeguards the financial interest of the company should anything happen to the owner.
If the owner takes money from the business and gets a permanent injury or die, and the estate of the owner is unable able to settle the loan. The Debit loan solution becomes important as it will cover the loan on the behalf of the dead owner.
4. Sanlam Business Overhead protection
When a co-owner dies a business faces many hurdles. Those in charge of governance in the business may still need to adjust to new the development of the passing on of a partner.
Also, finding a replacement will be even a bigger task. While doing all this, the business will be incurring overheads. These overheads will need financing.
At this point, a company will be facing liabilities and would be caught in a dilemma to choose which accounts to pay. To avoid all these scenarios, a business needs to protect its overheads at any time.
The Sanlam business risk management overhead protector solution from Sanlam covers a business should a co-owner die. This solution pays out a lump sum to assist the business to pay its administrative and operating expenses.
Sanlam Business Risk Management solutions provide a great sense of security for business owners. By adopting these solutions, the business owners will then have not to worry but focus on growing their businesses instead of worrying about what will happen if they die.
Sanlam’s business management solutions offer business solutions that cement business existence. These solutions are revolutionary in the sense that they manage to safeguard key areas of a business. Taking one or more of the solutions from Sanlam is the best way to secure your business operations.
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