Most businesses understand the need to manage the riks they face every day.
They insure their premises, equipment and stock against fire, flood and theft. They insure their vehicles.
But many don't stop to think what would happen if they lose what is their most important asset -
their people.
This is relevant whether your trading structure is Sole Trader, Partnership, LLP or Limited Company.
Consider these questions:
- Does my business rely heavily on one or a few key individuals?
- Could my business survive without those individuals?
- How would my staff, customers, bank manager, competitors, debtors, creditors feel?
- How much money would I need to keep the business going, hire and train a replacement and where would these funds come from?
- What could go wrong if a partner/director were to die or be diagnosed with a serious illness?
- How would I retain control of the business?
- Do I have a written agreement in place as to what would happen?
- Do I have access to funds to buy the deceased's share of the business from their beneficiarys?
I will carry out a full liability audit on your business focusing on continuity and succession. Just as you will have written your personal will, a business will is equally important.
The solution is an appropriate life assurance policy written in trust in connection with a specific written agreement, liaising with your Accountant and Solicitor where necessary. This is a complex and specialist topic so seeking expert financial, tax and legal advice is paramount. Annual reviews will be rquired to make sure your protection reflects your current profits and circumstances.
Key Man Insurance, Loan Protection, Director/Shareholder Protection, Partnership Protection, Relevant Life.
If you haven't many any provisions to deal with these issues or not reviewed your current arrangments then please get in contact straight away.
We won’t share your details with anyone.
The advice and / or guidance contained within this site is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
For mortgages, you can choose how we are paid: pay a fee of 1% of the loan amount and we rebate the commission, or pay a fee of £299 and we receive the commission.
We can only offer products from a limited number of insurers for Payment protection and Buildings & contents insurance.
