Business Protection/Keyperson Insurance
All businesses, whether large or small are heavily dependent on one important asset – their people.
If one of the key people or Business Directors were to become seriously ill or die, the Company may encounter serious problems and issues may arise over shares of the business.
Business Protection is designed to offer a solution to problems and hardships that may arise.
- Keyperson Insurance provides an immediate lump sum payment on death or Specified Illness of the individual insured under the policy.
- Arranging Partnership on Co-Director Insurance, along with creating a Buy/Sell Agreement, means that the surviving partners can buy the deceased’s share at a fair price from the deceased’s estate and the next of kin are not locked into the Company.
- With Company Buy Back Insurance, the Company arranges life assurance and enters into a Contingent Purchase Contract (Double Options Agreement) with each shareholding direction so that in the event of their death, the Company acquires an option which obliges the deceased’s next of kin to sell their shares back to the Company or the Company to purchase shares from them at a fair open market value.