Being prepared for the unexpected is key to running a successful business in the long term. Business protection is vital if your business is to survive should the worst happen. Our Financial Advisers can advise you on protecting your business loans and mortgages, your key staff and the shares in your business.
Business Loans and Mortgages protection
Following the death of a key person such as a company director some business loans and mortgages may need to be repaid.
This can cause serious problems for the business if an alternative source of finance is not available.
Business loan and mortgage protection can be set up to ensure there are funds available for any company debts to be repaid should a key person die or be diagnosed with a critical illness.
Every business will have key people whose skill, knowledge, experience or leadership are critical to its continued success and profitability. The loss of a key person can be highly damaging to a business, causing the loss of business relationships or professional expertise.
Key person insurance can provide the business with cash to compensate for the loss of profits and the cost of finding and training a replacement in the event of the death of a key person.
Share Protection Cover
Many small businesses operate as a partnership of two or more individuals. When one partner dies, their share of the partnership passes to their estate and technically the partnership is dissolved, which may not be convenient for the surviving partners.
It is often in the interests of all concerned for the surviving partners to purchase the business share of the deceased partner, so the business can continue to operate as before, and the beneficiaries receive a fair price for the shares.
Shareholder Protection can provide a fund to allow the surviving owners to buy the business share as well as additional funds to cover cash flow and loss of profits caused by the death or critical illness of a business owner.