As someone who runs their own business, the protecting of your business and planning for the future will be nothing new to you.
Business owners generally focus on insuring their assets and liabilities but fail to adequately insure themselves and key staff to protect themselves from unforeseen circumstances such as critical illness, sickness and accident and death.
Many business owners are under the impression that if his/her business partner dies his/her share of the business automatically goes to them. This is not the case and we can help you plan so that losing a key person doesn't have to mean financial disaster for your business and that making these arrangements can be done with the minimum of fuss.
It is very important to consider making plans to help protect your business against the financial consequences of these unforeseen events to ensure that your business remains financially robust.
Keyman Assurance - Keyman Assurance is used to inject a lump sum of cash into the business in the event of the loss of a key person. Keyman Assurance ensures that if a key person dies or is diagnosed with a critical illness the business will be able to repay loans, receive practical advice and support for the recruitment of a temporary or permanent replacement and train other employees to step into their key person's position.
Shareholder Protection - the objective of shareholder protection insurance is that following the death of a partner or shareholding director, the necessary funds to are available to either enable the surviving partners or shareholders to buy the deceased's interest or shareholding, or to compensate the deceased dependents appropriately.
Loan Protection - the loss of a key person can put immense pressure on the remaining owners and senior partners. In addition to the increased work load and potential loss of profits there may be the added burden of financial commitments such as outstanding business loans. Loan Protection will provide a cash lump sum to pay all or part of the loan depending on the sum assured.
Partnership Assurance - the loss of a business partner can have a major impact on the success of a business. The objective in setting up partnership assurance protection is to make sure that the assets of the owner who is critically ill, or who has died, gets a fair value for the sale of their share of the business, with the remaining owners keeping continued control of the business.
Relevant Life Plans - This is a type of death in service life assurance policy for owners of small businesses, where it is not viable to set up a group death in service scheme due to the small number of employees. These schemes are tax efficient in providing life cover for company directors and key employees.
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