Have you thought of the consequences for your business if you, or a fellow Director, were to die or suffer a serious or long term illness? Who would take his or her place?
Can the business afford to compensate their family for the loss of income? How do you keep control of the shares? What do you do if an unwelcome family member decides to get involved?
At Apex CB Financial Planning we work with business owners in Poole and across Dorset and Hampshire to help to ensure that their businesses are comprehensively protected against a wide range of risks, using products such as Share Protection, Key Person Protection and Business Loan Protection.
The loss of a business owner may destabilise a business and can quickly lead to financial difficulties. Share Protection allows the remaining partners, directors or members to remain in control of the business following the death of the business owner.
Key Person Protection
When a key person in a business dies it can have a devastating financial effect. You can help safeguard your business against the death, terminal or critical illness of a key person with key person protection.
Put simply, Key Person Protection (also known as key man insurance or key person insurance) is a business insuring itself against the financial loss it would suffer if a key person in their business died or were diagnosed with a specified critical illness if chosen, during the length of the policy. It also pays out if the key person is terminally ill and meet our definition, except in the last 12 months of the policy.
Business Loan Protection
If your business has outstanding borrowings such as a loan, commercial mortgage or director loan account then Business Loan Protection could help you.
Business Loan Protection helps businesses pay an outstanding overdraft, loan or commercial mortgage, should a key person die or be diagnosed with a specified critical illness during the length of the policy. It also pays out for terminal illness if our definition is met, except in the last 12 months of the policy.
To find out more about how we can help you to protect your business from a wide range of risks, call 01202 622223 or contact us using our online enquiry form.