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Return to Financial Services 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 avoid all of this 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 will 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 are paid off if the business owner or partner dies or becomes critically ill. It protects the business from loss of control and provides outright ownership of important assets, and may be suitable for sole traders, partnerships and limited companies.

 

To find out more phone us on 0800 1216 574 or make an appointment with a financial adviser


For full Terms and conditions, please refer to our Guide to Business Banking - 244KB PDF Document.

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