Business Life Cover
Partnership Insurance
Business Protection
Just like in personal life insurance, in business, we need to take out protection against the unexpected illness or even death of business partners and other key people. After all, the success of every business relies on certain individuals and if they are suddenly removed from the picture, this could seriously jeopardise your business.
We provide advice on the most appropriate protection products for your individual situation so that you can rest assured that if the worst did happen, your business would be covered financially. By putting appropriate insurance policies in place now, you can ensure you will have the money you need, when you need it.
The appropriate protection can be put in place depending on your business structure:
Partnership Insurance
The death or serious illness of a partner can have major repercussions for the future of your partnership. It can cause immediate financial hardship for the remaining partners and maybe even loss of control of the business. In essence, the death or serious illness of a partner can potentially jeopardise the future of your business and can have major implications for the remaining partners.
Putting Partnership Insurance in place can benefit both the remaining partners and the deceased partner's next of kin:
- A capital lump sum will be provided to the remaining partners to buy back the deceased partner's share of the business, ensuring the remaining partners retain full control of the business.
- The deceased's next of kin can rapidly realise the value of the deceased partner's share of the business for a capital lump sum.
- The remaining partners can inherit the deceased's share of the business without having to incur inheritance tax.
Co-directors Insurance
Personal Shareholder Protection & Corporate Shareholder Protection
The death or serious illness of a shareholder can have major repercussions for the future of a company. It can cause immediate financial hardship for the remaining shareholders and maybe even loss of control of the company. In essence, the death or serious illness of a shareholder can potentially jeopardise the future of the company and can have major implications for the remaining shareholders.
Putting Shareholder Protection in place can benefit both the remaining shareholders and the deceased shareholder's next of kin:
- A capital sum will be provided to buy back the deceased shareholder's shares, ensuring the remaining shareholders retain full control of the company.
- The next of kin can rapidly realise the value of their shares and are assured of getting a fair price for them.
Keyman Insurance
The future success of every business is dependent on a few key people. A Key person is any "key" employee, director or consultant on whom the business depends for its continued success, or existence, and on whose death or serious illness the business could suffer a financial loss. Putting Key person Insurance in place can help your business overcome the financial repercussions of losing a valued member of staff. The Key person policy will pay out a lump sum benefit to the business on the death or serious illness of an insured Key person. This lump sum benefit will compensate the business for any loss of profit or can be used to repay loans or recruit a suitable replacement.