Business protection advice and guidance
We provide specialist business protection advice in Sheffield, Doncaster and Northampton.
We can offer you advice in all areas of insurance and protection for your business.
There are many things in life that you cannot plan for; however, if the worst ever did happen, you can ensure that you have the right protection in place for your business. There are a number of business protection solutions available, all designed to offer you the best possible cover and peace of mind that your business could continue to run, should the worst happen.
Business protection – how we can help
We have an expert team who can assist with all aspects of business protection, including reviewing what requirements your business may have in ensuring its continued survival. In particular, we have a great deal of experience in working with businesses to insure key individuals and shareholders in the business.
Key Person Insurance
In general, Key Person Insurance is an insurance policy taken out by a business to compensate that business for any financial losses that may arise from the death or extended leave of a key person within the firm. Directors and employees with highly specialist skills or knowledge are key employees of the company they work for, so taking out Key Person Insurance to protect the company is a wise move many firms are taking.
Key Person Insurance can provide several benefits, including:
- Paying the costs of a temporary replacement
- Meeting the costs of recruiting a permanent replacement
- Covering the costs of death or incapacity of a key member of staff
The full scope of cover of Key Person Insurance will depend on the type of policy purchased and individual business circumstances. If you are considering taking out Key Person Insurance it is crucial you take advice on this matter.
In general, Shareholder Protection is an insurance policy taken out by a business to allow the remaining shareholders or members to remain in control of the business following the death of a shareholder.
The business takes out protection policies for each of its shareholders and, upon death of a shareholder, the policy proceeds can be paid to the business or into a trust for the remaining shareholders. This provides the capital to buy the shares of the deceased shareholder. In return, the deceased’s estate will receive the cash value of the shares.
If a shareholder dies with no Shareholder Protection insurance policy in place, their share in the business may be passed to their family. The shareholder’s family, however, may not have the necessary skills, experience or interest to continue in the business, which could be extremely damaging for the remaining shareholders. The remaining shareholders may not have the funds for the share purchase, which could lead to a sale of shares to a third-party.
Shareholder Protection can also cover critical illness, as well as death.
It is important to take professional advice to ensure that the arrangements are set up correctly.
Request a free initial meeting
The first initial meeting at our cost.
Meetings can be arranged at a place to suit you, be that your office, home or one of our offices in Sheffield, Doncaster and Northampton. Please request your free initial meeting by filing out our online form here or by calling 0114 266 6557.
We strongly believe in regular review meetings to ensure your plans are on track. All charges are agreed upfront to cover the cost of the service you require to avoid any surprises.
Hawsons Wealth Management Ltd is directly authorised and regulated by the Financial Conduct Authority. Hawsons Wealth Management Ltd is entered on the FCA register www.fca.org.uk/register/ under reference 586696.
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