Business Protection
Who will be left owning your business if disaster strikes?
You may own or run your own business, but have you considered what might happen if you are not able to do so because of long term illness or premature death? Will your family still be able to generate an income from the business or will they be forced to sell up?
Are you in partnership with one or more others, or do you have a shareholding in your company? If any one of the partners or shareholders dies, suffers a critical illness, or becomes permanently incapacitated, how will the remaining shareholders/partners deal with that share of the business. Can they afford to buy the shares back, and if not, would they want the surviving spouse to become part of the business, especially if they have no expertise or desire to do so?
Have you got key employees who are vital to the continued profitability of the business? How would you cope if they were out of the picture permanently or for an extended period of time? Could you afford to bring in a replacement?
Business protection is aimed at making sure that money is available to the right people at the right time to ensure that the business can continue to run as smoothly as possible despite the disruption of the premature death or long term incapacity of a key person, shareholder or partner.
It comes in many forms – Partnership or Shareholder Protection, Key Person Protection, Loan Protection and Employee Income Protection – and can be used to provide capital sums for the life assured, the business or the fellow partners and shareholders. Our job is identify which type of cover is relevant to your business model and design a solution specific to your needs.
If you would like to find out more please contact us for a free consultation.