A Business Valentine's — Part 3

As I tried to sleep that night I was wondering whether she would get up and leave me halfway through the night. She had been so quiet the rest of the evening. What was she thinking? I considered my options, declaring bankruptcy, giving up the business, anything to not lose the house and affect my family. For a moment I considered the hopeful scenario, just having to downscale. I’d have to let my new PA Francis go, and I knew she was a single mother with three children and this would affect her greatly too. So many lives were in peril. I slept troubled with nightmares about crying employees and my family standing on the street in the rain.

When I woke up the next day I almost didn’t dare to move. I rolled over to see my wife’s beautiful face still lying there. Happy valentines she mumbled. I hadn’t bought her any gifts since I’d been sued but I made her breakfast in bed and gave her a box of chocolate to show how much I love her. She didn’t seem distracted but I was, I could only think about how I’d need to contact our solicitors today. A few hours passed and I said I’d better get in touch with our solicitors. She chuckled. “What’s so funny about that?” I asked. “Remember how you’d been so reluctant to purchase insurance all those years ago?” she responded. “Yes,” I said. “Well, I’ve always been your favourite PA haven’t I?” She said with a sly grin. I didn’t get where she was heading, but she handed me a folder whilst she said happy valentines and kissed my cheek.

The folder had my business logo on it, and inside were a number of documents that I almost couldn’t read through the tears that were forming in my eyes. A Directors and Officers Insurance policy! This policy meant no matter what happened at least our house could be saved! The directors and officers insurance meant I would have support paying all damages and legal costs arising from the claim against me.

I realised she’d hidden this from me and asked her why. “When we had children I didn’t want to put the family or property at risk. You were so engrossed in everything and reluctant to spend money on insurance I decided for the good of us and the company I would invest part of the businesses finances in making sure you, as a director, and us as a company were adequately covered in case a claim was to arise.” I looked back in the box and couldn’t believe my eyes. She had also purchased a Professional Indemnity, Cyber and a Public Liability Policy. I decided to ignore the fact that this had been happening under my nose and embraced the help. I’d be doing things differently from now on. She smiled, gave me a kiss and said “loved you yesterday, love you still, always have and always will.”

James successfully defended himself against the allegations made against him. Turns out he was not liable, but the case cost him more than he could have afforded had he not had the adequate cover. He would have had to take out a second mortgage on the house, but the reputational damage would have a negative impact on his business. He’d struggle paying back his loans and put his house at risk. His nightmare wouldn’t have been far away…

If you want to discuss which policies are recommended for you, PIA can offer expert advice with over 20 years of experience in the insurance industry. Strong relationships with reputable insurers ensure we can offer business insurance at affordable and competitive prices. To find out more you can get a quote online 24/7 , or speak to one of our friendly and qualified brokers directly on 01323 648000.

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