- Pay its debts
- Replace key employees
- Protect its profits
- Let Partners/Shareholders keep control of the business
- Provide support to a Partner or shareholder’s family.
Compensate your business for Key Person absenceKey Person Protection – insurance against the loss of profits that could result from the critical illness or death of a key individual, by paying out a cash sum so that the business can continue trading. With many small and medium sized companies dependent on a few specialist individuals, Key Person Cover is designed to help protect the business in the event of death or severe illness of one or more key employees. The business would take out a policy on the life of the key person and in the event of a claim, the sum assured is paid to the company to cover such things as loss of profits and recruitment costs.
Lessen the loss of a shareholder or partnerBusiness Ownership Protection (also known as Shareholder Protection) – insurance which gives the owners of the business a cash sum to buy the shares of a co-owner who becomes critically ill or dies. This lump sum helps the remaining business owners minimise disruption to the business, by providing capital that enables them to buy that shareholder’s or partner’s shares and so keep control of their business. A Shareholder Protection Plan is usually taken out by the Partner in the business on an own life basis and then written under a trust for the benefit of the other partners. In the event of a claim, the sum assured is paid to the Trustees for the benefit of the other partners to secure the financial future of the business.
Protect your company’s financial stability in times of uncertaintyLoan Protection provides a lump sum to cover your business loans and other credit facilities if a business owner dies or becomes seriously ill. In the event you lose a business partner, you may want or need to repay outstanding business loans, some of which may have personal guarantees or have to be repaid when someone dies. Without the right Business Protection Solutions in place, you could end up risking everything you’ve worked so hard to achieve. To find out more, talk to FOCUS.
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