Every business is different, as are the specific needs of the owner, directors, shareholders and employees. But despite those differences, it’s the same questions that keep people up at night:
- What would happen if a key employee dies or is unable to work because they’re critically ill?
- What happens to the ownership of the business if one shareholder is too ill to work or passes away?
- What happens to director loan accounts, bank loans, overdrafts and other credits if a shareholder dies or can’t work?
- And most importantly, what impact will that all have on the people that rely on the businesses to put food on the table, put children through school and need a certain level of income for their lifestyle?
It’s these questions we answer for our clients, putting in rock solid policies in place that can protect against these sorts of eventualities.
Not only do these policies ensure that if the worst does happen, your business and everyone that relies on it will be protected, but in the here and now, you’ll get the peace of mind that comes from knowing that you don’t have to worry.
Here are just a few of the things we can do to help you and your business:
Protect you against loss of revenue if a key employee dies or can’t work.
You’ve probably comes across “key person insurance”, and that’s exactly the kind of policy you need to safeguard against a loss of revenue in the event of something happening to a key employee. The policy can be structured in a number of different ways, and we’ll advise you on the best route you can take when we talk
Help the owners of the business keep control if a shareholder dies or is too ill to be involved.
Without an ownership protection policy (or a partnership/shareholder protection policy), your business can quickly end up in a serious mess if one of the owners dies or becomes critically ill. A shareholder’s Last Will and Testament is likely to leave their share of the business to a particular person, who may or may not have the time, capacity, inclination or ability to be involved in the business. With an ownership protection policy, you can make sure the other owners keep control of the business in this sort of eventuality.
Ensure that all outstanding financial commitments are covered if a key person or shareholder dies or is unable to work.
At a time of huge emotional stress and turmoil, the last thing anyone wants is to be faced with huge debts, but without loan protection, that’s exactly what can happen. If your business isn’t able to continue functioning in the same way due the death or illness of a key person, then it’s vital to have a fixed plan for dealing with any debt in the business. A loan protection policy can ensure that all creditors are paid, reducing the stress as much as possible for the people left.
Provide life insurance cover to employees in a tax-efficient way.
For lots of employers, employees are like their family, and they want to treat them as such. One great way to do this is with a relevant life cover policy as a death-in-service benefit. Effectively this means that a tax-free lump sum is given to the employee (or his/her family) when diagnosed with a terminal illness or when they die. It’s a valuable perk for employees that want to look after their families and ensure they’re protected whatever happens, and a tax-efficient way to get life insurance, since it’s a tax deductible business expense
Business protection can be complex, and when the stakes are this high, it simply doesn’t make sense to go ahead and invest in a policy if you don’t fully understand what you’re buying.
That’s why we recommend talking to us first. Having helped scores of businesses set up this kind of cover over the years, we understand the subject inside out, and we’re able to match businesses up with the right protection.
Plus, as an official adviser of this type of protection, we’re able to access policies not available to the general public.
In order to get the ball rolling, we suggest booking a free initial conversation, where we can get to know you and your needs, and understand what protection products are right for your specific situation.
Then we’ll be able to provide a tailored recommendation and we’ll go from there.