You’ve worked very hard to build up your business to where it is today; protect it against illness or death affecting yourself, a co-director or an important employee.
Ask yourself the following:
- If your business partner died what would happen to their share of the business?
- How would your company cope if a shareholder died or became seriously ill?
- How would you feel about a family member of the deceased shareholder joining the business?
- How would your business survive if a key member of staff died suddenly or became seriously ill?
- The death of one of the partners can have serious financial consequences for those partners left behind.
- The aim of this cover is to put money in the hands of the remaining partners to buy back the deceased partner’s shares from his/her family. This will allow the surviving partners to continue running the business.
- A keyperson is an employee/director whose expertise, knowledge and contacts are vital to the continued financial success of the company.
- Keyperson insurance assists the survival of the company on the death of a key employee by compensating the company for any anticipated losses.
- A successful business depends on the close co-operation and experience of the directors.
- The death of one of the directors can have serious impacts on both the surviving directors and the family of the deceased. Normally the surviving directors would wish to buy back the shares from the family of the deceased but may not have the money available.
- Co-Directors insurance gives the directors of a company the peace of mind that there will be money available to them on the death of a director to buy back his/her shareholding from his/her family, thereby maintaining their control of the company.
The aim of business insurance will differ depending on the structure of your business. We can assist you in tailoring a business protection solution package relevant to your situation.