Business Protection – to protect business assets by key person or relevant life
Business protection can be written for key personnel to ensure the business would not suffer financially in the event of a death. Any pay-out would go direct to the business as the beneficiary written in trust, providing the policy has been written in trust.
A relevant life protection can be set up for business owners of a limited company where the beneficiary could be personal – spouse or family written in trust, providing the policy has been written in trust.
A Cross Option Agreement is used to give the surviving shareholders the option to buy the deceased business owners shares from the business. You would need to instruct a solicitor to draw up this agreement. A Shareholder Protection policy would provide financial security for the purchase of these shares.
Anyone owning more than 5% of your business is considered a ‘significant shareholder’ so you may wish to protect yourself from the possibility that should anything happen to any of your shareholders, unless you are protected, you are open to the risk of having new and unassigned business partners calling the shots.
Key person Insurance covers the life of key persons/employees who are critical to your business and its ongoing success. The monthly payment for a Key Person protection policy is paid for by the business and is deemed as a legitimate business expense. As the premium is paid for by the business the payment upon a claim would be paid directly into the business, as a non-taxable sum.
Business loan protection can cover an outstanding overdraft, commercial mortgage or Director’s loan, giving you peace of mind at times of need. Policies can include covers for the death of a key person or in the case of critical or terminal illness.
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Bridgefold Road
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