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Return to Financial Advice HomeProtect Your Business

A death or serious illness can have a devastating effect on a business, leading to financial difficulties resulting from a loss of profit, withdrawal of credit or the inability to repay loans. It can result in the dissolution of a partnership or disputes relating to the value of inherited shareholdings or partnership shares. It can also lead to difficulties where family members of a deceased co-owner wish to sell their share to a competitor or unsuitable buyer or become involved in running the business themselves.

We can help you prepare for the unexpected with careful planning.

Partnership or Shareholder Protection

This ensures that the ownership of the business remains in the hands of those who have built it, providing continuity for the business and making sure an owner who becomes ill, or the family of an owner who dies, receives a fair share of the business. It may be suitable for partnerships and private limited companies.

Key Person Insurance

Key Person Insurance helps your business continue to function profitably and gives you peace of mind if a key person is lost through illness or death. If the worst happens, you may have the funds to meet your liabilities and find a temporary or permanent replacement for the key individual. It may be suitable for any business where the profit is dependent on a key person: all sole traders and family businesses.

Loan Protection

This is designed to cover loans used to purchase a share in the business or assets such as premises, vehicles or equipment. The aim is to pay off the outstanding balance(s) should the business owner or partner die or, where critical illness is included in the cover, where the business owner or partner is diagnosed with a critical illness which must be covered under the terms of the insurance policy. There may also be a requirement to survive a certain number of days after diagnosis of that critical illness to ensure the policy pays out. It is designed to protect the business from loss of control and  depending on whether the outstanding balance of loans is fully covered, may provide outright ownership of important assets. This type of cover may be suitable for sole traders, partnerships and limited companies.

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