Three threats to your assets that you probably never thought of

As a savvy business owner, it’s likely that you’ve had thoughts (however fleeting) about protecting your hard-earned wealth from the grasping hands of indifferent third parties. However, not all business owners have a complete picture of the threats to their assets. In a survey of our most recent clients, 37 businesses from varying industries and of various sizes identified the risks they might need protection from:

  • public and product liability
  • debt/creditors (e.g. insolvency)
  • negligence
  • employees (e.g. industrial action)

Conspicuously absent from this list were several equally risky threats:

  • Business partners through (in)action or incapacitation (e.g. serious illness)
  • Fraud (internal or external)
  • External relationship pressure (e.g. divorce)

Personal asset protection is a fundamental aspect of business directorship. The most effective method of liability limitation is through business structure and re-structure (more on that here). If you haven’t seriously considered the risks the above threats pose to you and your business now is the time to start. Equally, if you are facing attack from one of the above threats, it’s even more urgent that you begin a process of personal asset protection.

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