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Business Protection Insurance
What impact would it have on your company’s profitability if you lost a key person due to serious illness or death?
Do you have employees whose lifestyle completely depends on the successful function of your business?
Key Person Insurance
Key Person Insurance pays a lump sum into the business to replace the loss of profits that could result if a director or important employee were to become critically ill or die.
The pay-out could be used as a monetary buffer while another staff member learns the crucial job role, or to recruit someone into the business who has a similar level of expertise and can keep the business’s profits stable.
When a business owner dies their shares quite often pass to a family member. The person inheriting the shares may then want to join the business as a working director, or they may sell the shares. This is far from ideal for the remaining business owners – particularly if the new shareholder doesn’t have much interest or expertise in the company’s business.
Shareholder Protection is a lump sum paid into a business should one of the owners die or become critically ill. This money then allows the remaining company owners to purchase the shares without taking out a loan or hugely reducing the company’s cash flow. This means they can then maintain full control and direction of the company without interference from an undesired new shareholder.
Business Loan Protection
Business Loan Protection is a policy which ensures that if a company owner were to die or become critically ill there would be enough money paid to the business (or to a creditor) to enable a business loan or mortgage to be paid off. This insurance provides great peace of mind, particularly where a loan has been made on a personal guarantee and which could negatively impact your family’s inheritance if you passed away before the loan was repaid.