Protecting your business and yourself is important if you don’t want to risk all the hard work you put into it. This is why we offer access to a range of business protection insurance that covers all areas of your business so it can still operate even if the worst happens and the owner or shareholder suffers critical illness or dies.
Employees will value having the extra peace of mind of being able to cover themselves financially against death or critical illness. Organising life insurance for your business allows you to offer a death in service benefit to employees and it is also a tax efficient policy which enables the company to pay out a lump sum to the person insured upon death or if terminally diagnosed.
Key man provides insurance for the key person in the business against death and terminal illness. This insurance is similar to relevant life insurance in the fact that the company owns the policy and pays the premiums. However, the beneficiary for key man insurance is the company rather than the individual. The company receives the lump sum payout if the key person is insured for death or terminal illness diagnosis. This provides the obvious benefit of a financial payout for the business that can be used to cope with the loss of the key person.
Shareholder protection is a good idea for businesses with multiple shareholders. Having insurance in place is a sensible precaution against the loss of a shareholder to death or terminal illness. The policy will be set up to reduce any stress and provide a smooth process in the event that a shareholder dies.
The policy pay out can be used to purchase the deceased’s shares. This will give other shareholders peace of mind they will not have to worry about finding the funds to purchase the deceased’s shares and provides the family of the deceased a fair buyout of the company.
Speak to us now 01244 955 399 or request a callback from our team.