As trusted advisors to our business clients, we understand that running a company involves juggling countless responsibilities. But one area that often gets overlooked—until it’s too late—is continuity planning. What happens to your business if you become critically ill, incapacitated, or worse? Who steps in? How do they access vital information?
At Elevate Accountancy, we want to help you prepare for the unexpected with practical, proactive steps that protect your business, your team, and your legacy.
1. Wills and Powers of Attorney: The Foundation of Continuity
Every business owner should have a Will and Powers of Attorney that clearly outline what happens to the business in the event of death or incapacity.
- Wills: Specify who inherits your business interests and how they’re managed or transferred.
- Business Power of Attorney: Appoints someone to make decisions and act on your behalf if you’re unable to do so—this includes signing contracts, accessing bank accounts, and managing operations.
Without these documents, your business could face legal limbo, frozen assets, and unnecessary disruption.
2. Insurance That Protects Your People and Profits
Insurance isn’t just a personal safety net—it’s a business continuity tool. Consider these essential policies:
- Critical Illness Cover: Provides a lump sum if you’re diagnosed with a serious illness, helping to cover costs or keep the business afloat.
- Relevant Life Cover: A tax-efficient life insurance policy for directors and employees, offering financial support to families without impacting the business.
- Key Person Insurance: Protects the business if a vital team member (like a founder or top salesperson) becomes seriously ill or dies. It helps cover lost revenue, recruitment costs, and operational disruption.
These policies can be tailored to your business structure and risk profile—talk to us if you’re unsure what’s right for you.
3. The Business Continuity File: Your Emergency Toolkit
Imagine someone had to step in and run your business tomorrow. Would they know where to start?
A Business Continuity File is a centralised, secure document (physical or digital) that contains everything needed to keep the business running:
- Banking details and account access
- Key contacts: solicitor, accountant, insurance broker, IT support
- Client lists and contracts
- Employee information and payroll access
- Software and system logins
- Operational procedures and supplier agreements
This file should be reviewed regularly and stored securely—but accessible to your appointed attorney or trusted colleague.
✅ Final Thoughts: Plan Today, Protect Tomorrow
Continuity planning isn’t just for large corporations—it’s vital for every business, especially owner-managed firms. It’s about peace of mind, resilience, and ensuring your hard work doesn’t unravel due to unforeseen events.
If you’d like help reviewing your continuity plans, setting up insurance, or creating a Business Continuity File, we’re here to support you every step of the way.
Let’s make sure your business is built to last—no matter what life throws your way.
Co-written with copilot.