How To Take Out Insurance Against Unemployment Or Business Loss. Even If Already Unemployed

Work Employment Income Insurance – Not What You Think! 

STRESS

Stress is caused by being in a situation in which you have no control.

Making decisions on how to deal with situations or circumstances that can cause this stress before they arise is called forward planning.

Work Employment Income Insurance

FINANCIAL SELF PROTECTION

Protecting yourself financially as an individual or yourself and your family is the natural thing to do.

People get jobs to earn money and take out insurance to protect their homes and maybe medical insurance to protect themselves and their families.

There are not many insurance policies that give job protection.

REDUCED HOURS, DISAPPEARING JOBS

So what happens when suddenly the job which you thought was secure suddenly disappears. Or your wages are reduced or your hours are cut.

You may have just taken out that mortgage or rented that flat or apartment.

More importantly what about the issue of company workers being underemployed?

Now that home working is in place what happens when businesses start to evaluate what their workers actually did whilst physically at work compared to what they actually do now at home.

Maybe realise that for some people now working from home that they are not actually fully occupied for the hours in which they are getting paid.

Whilst the need for these workers was fully justified initially businesses may now look to combine jobs or workload.

This is especially true if there is less trade or customers for the business. There can only be one outcome to this, redundancies.

Work Employment Income Insurance

INCOME INSURANCE

So how can anyone ensure that they are never without a source of income and never without the long term stress of being unemployed if disaster strikes?

The answer is to take out Work Employment Income Insurance.

Not your conventional Work Employment Income Insurance but by starting their own home based business.

With this you solve three issues plus at least two added benefits.

NEVER UNEMPLOYED

First problem solved. You are never unemployed even if you lose your regular job.

Work Employment Income Insurance

NEVER WITHOUT A SOURCE OF INCOME

Second problem solved. You are never without a source of income.

What may have been secondary income can soon be ramped up to become full time income.

DO AWAY WITH STRESS

Third problem solved. You do away with stress.

It may take a while to build up to the sort of money you were earning from your regular job but it can be done and you remain in charge and control.

You are in charge of your own destiny.

FLEXIBILITY

A fourth benefit is being able to decide your own hours and what days you work.

Decide how much you want to earn and how much time you spend with your family or friends.

CAN STILL JOB SEARCH

A fifth benefit, if you see it as a benefit, do really like going out to work every day?

Being stuck in the traffic commute, being told what to do, when to arrive, when to leave, how long to have a break etc.?

Then having your own business is good to have until you can find another job.

THE SME BUSINESS OWNER BOSS

However what about the small, medium enterprise business owners themselves?

They have feelings as well. Maybe they only employ one or two or very few people.

Some employees may have been with them for years or are particularly hard working or loyal to the business or business owner.

Almost like good friends. People you do not want to lose.

It is at times like these that these business owners have particularly heavy hearts.

They realize that every person made redundant is a family affected. They don´t want to make their employees redundant.

However because of the drop in trade they have no alternative because the business will not support them financially.

If business picks up they will have lost these good employees probably forever.

The employees will never go back because they will feel their loyalty has counted for nothing.

The bond of trust is broken.

EXPAND – DON´T CONTRACT

So here is another solution and many business owners have already done this.

They don´t contract their business but expand it.

They themselves take on a second source of income stream. This they use to support their main business.

Work Employment Income Insurance

DON´T SACK – INVOLVE

But what if, rather than going it alone trying to keep their business going and trying not to sack their staff or cut their hours, they enrolled their staff into their new independent business?

Made them team members or consider them as partners in this second independent business.

Sold each employee the concept and idea of what was trying to be achieved. Give them ownership of the issues.

Engender enthusiasm in their employees and the realisation of what the boss is trying to do of trying to keep them in employment and trying to keep money coming in for them.

Do you think they would appreciate that and work towards the common purpose? If they have any sense they would.

As a last resort what if the business does have to make redundancies?

There is still no reason why the business owner cannot involve his redundant staff in his or her second independent business.

It maintains the reputation of the small business owner as someone who cares about his employees.

Someone who realizes that redundancy affects not only the person but the family of that person as well.

People will want to work for this employer in the future.

THE ONE OFF CUSTOMER

There are various ways to have second businesses that existing business owners and/or their employees could consider under these circumstances.

However as the reader will be aware it takes a lot of work to get customer sales.

If for example the business is a shop. The customer goes in and buys the item. You may never see that customer again.

Work Employment Income Insurance

THE RECURRING CUSTOMER

It is therefore obvious that the best sort of business is one that has recurring residual income.

This is were the Work Employment Income Insurance really comes into its own.

This involves acquiring a customer, doing the job once and getting recurring monthly income month after month. There are such businesses about.

CONCLUSION

If you or anyone you know is in this predicament then always look on the bright side. There are options, think outside the box and take action.

Work Employment Income Insurance

Many, many, people and business owners around the world have had their lives turned upside down with the COVID 19 Pandemic.

Hopefully this article may provide some ideas and possible solutions for both individuals and business owners.

Michael is the author of this article and has a Masters Degree in Law and Employment Relations and Post Graduate Research Diploma in Job Satisfaction and the Motivational Potential of Staff. He has written various articles and two books. Michael is the owner of the website meganticsolutions.com which offers international business opportunities with recurring residual income.