Buisness Protection
Business Protection
What would happen to your business if one of your key employees suffered from a critical illness or death? How would this affect your profitability? Have you thought about the financial affect of such an event? If the same thing happened to a shareholder, how would you buy the shares? Do you have plans in place for the financial effects of this on your business? The same problems that affect people and their loved ones in the event of death or illness can have a similar affect on a business.
Company Benefits
A lot of businesses use company benefits to retain staff and may also be a key factor in the difference between keeping that member of staff or losing them to another company. Having such benefits over and above their salary is a good way of showing that their welfare is important to you and the business. We can also provide advice and recommendation on the following:
- Group Private Medical Insurance
- Group Critical Illness Cover
- Group Life Cover
- Group Income Protection
- Group Stakeholder or Personal Pension
Shareholder / Partnership Assurance:
If a shareholder dies, or suffers from a critical illness, this insurance plan is designed to pay out in such an eventuality. This is usually predicated with an agreement that gives each party the option to pay the lump sum to the estate of the deceased shareholder or purchases the shareholding of the critically ill shareholder. Having such protection allows the dependants and family of a deceased shareholder to maintain their standard of living and also relinquish the shares to your business which they may not have any knowledge or interest in continuing control or a say in the running of the business. For shareholders who suffer a critical illness, they may need the money to support them through such a time, and may also be ill enough not to return to the business, and therefore receiving a lump sum for the shareholding is the most logical and effective solution.
Keyman Cover:
Should a key employee suffer from a critical illness or death, this plan is designed to replace the profit which would be lost in such an eventuality, allowing the business to retain financial security without that person. Many large companies have these protection policies in place, but it is often overlooked by small and medium sized companies who would actually be more detrimentally effected in such a situation. Your business more than likely insures it's equipment, but perhaps you've not known about the ability to insure your key employees who contribute to the success and stability of your businesses finances.