Do key people contribute substantial proportions of profit in your business?
It is worth reviewing where the funds would come from were the key person die or be diagnosed with a terminal illness and whether or not the funds will be sufficient in the future as the company grows.
Key Person Cover
Also known as "Key Man Insurance" this provides a payment to help protect profits if someone integral to the business were to die or be diagnosed with a terminal illness.
Why take it?
The loss of a key person can be devastating for a business. Sales may be lost, profits may fall and the gap in the workforce may prove costly to fill.
Key Person cover provides a lump sum to the company upon the death of the insured person which can be used to replace lost profits or fund the recruitment of a suitable replacement.
Terminal illness can also result in a payout.
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0845 644 8607
|Shareholder and Business Partner Protection
||If a shareholder or business partner dies their shares may pass to someone who wants to sell them or become active in the business. You get funds to purchase those shares
||Directors loans should be paid off on death. You get funds to pay off loans, overdrafts and commercial mortgages