Its Important to Keep your Business Protected
Most business owners will insure against all sorts of risk including Professional indemnity, Public liability, and insure property equipment and vehicles.
What happens in the event of death or serious illness to key people, partners or directors.
Business Protection is designed to protect a business against the unexpected death or illness of a key person or partner.
Each director takes out a life assurance policy on their own life, I trust for the surviving directors. The company would then use the proceeds of the policy to buy back the shares of the business from the estate of the deceased.
Each partners takes out a life assurance policy on their own life, in trust for their other partners. Partnership assurance is usually accompanied by a partnership agreement.
Protect the company in the event of death or serious illness of the employee. The company pays the premium and then receives the benefit.