Partnership Protection
Partnership protection plans ensure that if a partner, of a business, has an untimely death there are procedures and policies in place to allow the remaining partners to be able to purchase the deceased partners share of the business, from their next of kin, ensuring security that the business can continue to trade.
Key Person
Protection
Key Person Insurance is put in place for the death of a key member of a business. This type of insurance provides a lump sum following the transition period of the loss of a key member and the capital can be used to cover reduced income, business restructuring or finding a suitable replacement as quickly as possible. If the business needs to close then it can also help with the repayment of business debt.
Shareholder
Protection
Shareholder protection is a policy arranged to allow a business to buy shares back from a significant shareholder at the pint of an untimely death or critical illness. The policy will pay out a lump sum, to be used to purchase the shares from the deceased. This ensures the shares and control of the business are kept internally.