1. What businesses need business protection?
- Any business which relies on key people to operate.
- Any business with more than one director or shareholder.
- Any business which could see the introduction of a hostile or disinterested shareholder following the death of a share-holder.
2. What types od Business Protection are available
- Keyperson Cover is a Life assurance or Serious Illness policy effected by an employer on the life of a key employee, who may also be a shareholder or director, to protect the company against the financial consequences they would suffer as a result of that individual’s sudden death or serious illness.
- Partnership Protection – Businesses based on partnership structures are also at risk in the event of the death or serious illness of one of the partners. Such an event can cause financial hardship for the remaining partners and may even result in cessation of the business itself. By having a Partnership Protection Insurance policy in place, you can protect both yourself and your business partners as well as your/their next of kin
- Corporate Share Buy-Back Protection – this pays a lump sum to allow the remaining shareholders to buy-back the deceased’s shareholding and retain control of the company while the deceased’s next-of-kin get fair value for their shareholding.