Protecting Your Greatest Assets

As the business owner, you and the people in your team are your greatest assets, 

so considering how to protect yourself and your team against unforeseen

circumstances is a vital part of ensuring the ongoing success of your business. 

Carefully considered business protection planning can secure your business, profits

and financial well-being.

1.jpeg

Shareholder Protection

When a shareholder or partner in a business dies, their share of the business forms part of the estate and passes to their beneficiaries. This could disrupt the future control, direction and day to day running of the business, ultimately affecting its ability to continue trading. Succession planning provides protection against this risk and ensures the smooth transfer of ownership to the surviving business owner(s) by giving them the legal right as well as the funding to purchase that share of the business. 

 
keyperson.jpeg

Key Person Insurance

The loss of anyone who makes a significant contribution to the profits of a business due to ill health or death can seriously affect the business financially.  Key person insurance pays out a benefit that’s equivalent to the contribution to profits that the key person would have made, This can protect the business from disruption and financial loss whilst affording some time for a suitable replacement member of the team to be hired.

 
biz loan.jpeg

Business Loan Protection

In the event of the death of a business owner (or a key person within the business) who has guaranteed a loan, the bank lender may request that the loan be repaid early. Similarly, where a director has made a loan to the company, the deceased’s estate will want the loan repaid. Business loan cover will protect against the financial consequences by providing a lump sum benefit to repay the outstanding loan.