Business Protection Insurance
Business Protection is Good Business Practice..
It is a sound business practice to plan and protect the business against the unfortunate loss of any key people in the company.
There are a number of risks and each come under a different headings described below.
All are related to making sure that if the unexpected happens to certain people in the company there is a financial plan in place to reduce or eliminate the financial risk.
Life Insurance is the ideal way to build that plan. Solutions are affordable and with these in place you will have a comprehensive insurance portfolio for your business.
Keyman insurance is an ideal solution as a substantial lump sum payment is made to the company on the death, diagnosis of a serious illness of a keyman so that financial losses to the company are reduced or eliminated.
This type of business protection insurance is used to compensate a deceased partner’s estate for their share of the partnership.
On the death or diagnosis of a critical illness of a shareholder, the other shareholders receive a cash lump sum which can then be used to buy the affected shareholder’s shares.
Getting Business Protection
There are some simple steps to assess the risk to your company or partnership in any of the above scenarios and there are some Revenue Rules & Legal Requirements that we take care of when setting up the protection.