The death or serious illness of a director, partner or keyperson in a business can have a serious impact on both the business and the deceased's family.
Business Protection Insurance gives business owners peace of mind knowing that there will be a lump sum available to buy back shareholding, pay off debts or help to maintain the business and protect its future security.
Most business owners will take steps to minimise risk to their business such as insuring property, equipment, vehicles, etc. While these are very sensible precautions, what would happen on the death of key people, partners, directors of the company?
Connolly McCabe FB Ltd can help and advise you on establishing a robust and comprehensive Business Protection plan which will ensure that your business is no longer vulnerable to the death or serious illness of a key member and to protect the future of your business.
Types of Business Protection:
The future success of every business is dependent on a few key people. A Keyperson is any "key" employee, director or consultant on whom the business depends for its continued success, or existence, and on whose death or serious illness the business could suffer a financial loss.
Putting Keyperson Insurance in place can help your business overcome the financial repercussions of losing a valued member of staff. The policy will pay out a lump sum to the business on the death or serious illness of an insured Keyperson.
Businesses based on partnership structures are also at risk in the event of the death or serious illness of one of the partners. Such an event can cause financial hardship for the remaining partners and may even result in cessation of the business itself. By having a Partnership Protection Insurance policy in place, you can protect both yourself and your business partners as well as your/their next of kin.
Company Director / Shareholder Protection:
The death or serious illness of a shareholder can have major repercussions for the future of a company. It can cause immediate financial hardship for the remaining shareholders and maybe even loss of control of the company. In essence, the death or serious illness of a shareholder can potentially jeopardise the future of the company and can have major implications for the remaining shareholders
Talk to Connolly McCabe FB Ltd about the options available to your business.
Contact us to arrange an appointment with one of our Financial Advisers.