Business Protection Insurance
All companies can benefit from specialist financial planning advice, but it can be all too easy for businesses to overlook this important area. This can even be the reason why a company may fail.
Things like corporate tax requirements, business protection insurance and employee benefit schemes are all important aspects that we can help your business with.
The best way for us to help your company is through a business planning review. Just contact us on 01273 774855 to arrange this.
Different Ways to Protect Your Business
Whether a business is a partnership or a limited company, certain unforeseen factors can have a real impact on how the company operates.
The most common problem is when one of the existing partners or shareholders dies. If this happens, a Partnership may have to be dissolved. And a Shareholder’s share may go to one of their relatives.
That’s why it’s a good idea to put a Business Protection Insurance policy in place that allows the surviving partners or shareholders to ‘buy out’ the interest of the deceased.
There are different ways of doing this. The best option will depend upon your company’s circumstances and those of its potential beneficiaries.
Here, you can find out more about some of the options available. But, to find the right solution for your business, please just get in touch.
Business Insurance
If a key person, partner or shareholder dies, this cover protects your business financially. This can be especially important for smaller companies, as their profits often depend on these key people.
These are the main types of business insurance available.
Key Person
This is where a cash lump sum is put into the business if a ‘key person’ dies. The usual solution is a Term Assurance policy.
Partnership/Director Share Purchase
Here, the families of directors and co-owners of the business will be protected if one of the partners or directors dies. This uses a combination of Term assurance policies and legal documents. And, it means that the remaining co-owners will have money in place to let them ‘buy out’ the family of the deceased for a fair sum.
Ray & Sue Greenfield
Thank you very much for all the clear financial advice
I would also like to take this opportunity to thank you very much for all the clear financial advice you have given not only Sue and I, but my family over many years.
Yvette Jeal
Appreciate the work done this year in growing my investment
Just wanted to drop you a line to thank you for coming around earlier this week. Appreciate the work you have done this year in growing my investment and it was a helpful conversation in every way!
Insurance Articles
