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Insurance is for assets you need, or want, to protect.  If you own a business, then it’s presumably a source of income for you.  In fact, it’s probably your sole, or at least main, source of income.  This means that protecting your business is likely to be key to protecting your family’s finances.  It may also be key to protecting the livelihood of the people who work for you.

This makes a very strong case for using insurance to give your business as much protection as possible, beyond the level which may be mandated by law (e.g. having public liability insurance).  There are three forms of insurance which are particularly relevant for businesses.

Relevant life plans

These work very similarly to life insurance, except they are taken out by a business on behalf of an employee.  The business can claim them as a taxable expense and since the premiums are paid by the company they do not count towards the employee’s income or pension contributions allowance.

Contact us now to cover you and your business.

 

 

Key Person Insurance

Key person insurance is essentially a specific form of life and critical illness cover.  It is taken out by a business to protect them from the consequences of a key member of their workforce either dying in service or being incapacitated through critical illness. 

 

These consequences might include having to take on temporary help and/or accept a loss of income until a suitable replacement was found and the need to go through the process of finding and training a replacement.

Partnership Protection

These policies are basically the same idea.  They provide a company with funds to buy out the heirs of a deceased partner or (major) shareholder.  This provides the heirs with cash and relieves them of any responsibility to the business.  It also allows the business to control its own destiny without the involvement of people who may not understand or appreciate its best interests.

Shareholder Protection

These policies are basically the same idea.  They provide a company with funds to buy out the heirs of a deceased partner or (major) shareholder.  This provides the heirs with cash and relieves them of any responsibility to the business.  It also allows the business to control its own destiny without the involvement of people who may not understand or appreciate its best interests.

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