How would your business cope without its key people?
Have you thought about what would happen if one of your key employees or shareholders was to become seriously ill, or unexpectedly passed away? What could happen to your revenue streams if a key individual were gone? What would happen to your business partners shares if they unexpectedly passed away? How would you feel about their family becoming the shareholder and joining your business? What if it were you who passed away? Would your family be taken care of after the years of hard work and commitment you put into your business? Lots of questions eh!
When we think about business risk, we should assess these types of questions and consider what options are available to your business to ensure that such events aren’t catastrophic to the business, or indeed your family finances in general.
There are a number of options available to help protect you and your business against these various scenarios.
Key Person Insurance
This type of insurance protects you against the financial loss the business would suffer if a key employee got seriously ill or died.
Personal Shareholder Protection
This type of protection provides funds for the purchase of the share of the deceased shareholder from their personal representatives with the life assurance contract affected by the shareholders personally.
Corporate Shareholder Protection
This is an agreement between the company and its shareholders whereby the company can buy back its shares from a deceased shareholders personal representatives, with the insurance cost being borne by the company.
Gift / Inheritance Tax Plans
Enables you to plan ahead for any tax liability which could arise on the transfer of a business, hence ensuring the business won’t have to be disposed of to pay the tax debts.
When you think about protecting your business, you might think theft or the risk of a premises or warehouse of stock being destroyed. But what about losing your key people to illness or death?
Protecting your Business
You know your business best, and we know the options available to protect it. The combination of all that knowledge and a quick conversation between us can quickly identify any area’s you, your business or your family might be vulnerable.
Tell us your story and we’ll help you identify and organise the protection you need.
Start the Conversation
Planning for the unexpected to ensure you and your family are financially comfortable is what we do. The first step is a quick conversation to understand your circumstances and what you’d like for you or your family if something unexpected happened.
Arrange a quick conversation at a time that suits below.