Business Assurance

As a Business owner have you ever considered the financial impact on your business from the loss of a key employee, Director or Shareholder through death or serious illness?

Business Assurance aims to protect your company from any financial hardship caused from unpredictable events.

1) Partnership Insurance

The Problem
Most partnerships these days will have an agreement in place which will outline what happens to the business in the event of one partner dying. Usually the surviving partner will need funds available to buy back the deceased’s share of the business.

The Solution
Partnership Insurance will pay a lump sum to the surviving partners which may be used to purchase the deceased share of the business back from the estate of the deceased partner.

2) Corporate Co-Director’s Insurance

Should a Director and Shareholder of a Company die, the death of such a person could seriously impinge upon the financial wellbeing of the company and indeed its chances of survival.
Just as importantly, the deceased director’s shareholding may pass to their next of kin (spouse or family), which can cause immense difficulties for the surviving directors should the next of kin decide to get involved in the business.
Corporate Co-Director’s Insurance (Life Cover) makes funds available to the company to buy back the shares from the deceased family. The shares bought back are effectively cancelled and this increases the remaining shareholders share in the business.
The cost of Life Cover is borne exclusively 100% by the business with no benefit in kind implications for individual shareholders.

3) Keyman Cover

The Problem

What would be the impact on your business if a key employee become seriously ill or passed away?

  • Would the business activity / profit be severely impacted?
  • Will bank borrowings be affected?
  • Will key business contacts and market opportunities be lost?

Keyman cover is designed to cover the human assets of the business in the same way as fire insurance covers the physical assets of a building. The business is the policy owner, beneficiary of the proceeds in the event of a death or serious illness of the life assured (Keyperson), and the premium payer.

In the event of the death or serious illness of the person concerned, Keyperson Insurance will provide a guaranteed lump sum to the business. The amount of cover depends on a number of factors based on your individual business circumstances.

We would be delighted to assess the needs of your business and advice on appropriate protection for your company.