Unfortunately, life has a habit of throwing a curve ball now and again. Key people get ill and need to take time away from work; partners, directors or owners die and so the structure of the business changes. The death or critical illness of a key employee or co-owner can have a serious impact on a business financially, as well as the loss of key knowledge and skill sets.
There is no doubt that staff are the most valuable asset to a business so the importance of business protection is often overlooked. Business protection insurance protects a company financially if one of the owners are affected by illness or death, therefore allowing businesses to survive during challenging times. Statistics show only 28% of UK business’s established in the last two years have any kind of business protection. Yet 46% would cease trading immediately if a key person was lost due to passing away or illness.
At Imperial Chartered, we understand that different businesses need different types of protection – particularly for partnerships and shareholders. That is why we offer a range of solutions to suit your business protection needs:
Key Person Cover
Key person cover protects businesses if an employee who significantly contributes to their success becomes terminally or critically ill, or dies.
Business Loan Protection
Business loan protection gives co-owners cover for any business loan payments that may be at risk, in the event of death or illness.
Shareholder Protection allows for a planned succession of a shareholder or partner’s business stake should they fall ill or die, with options such as required buybacks.
Partnership Protection provides partners with the cash flow necessary to buy back the ownership stake of a partner or member of a limited liability partnership who has died or taken ill.
We understand that every business requires a different level of cover, which is why we offer tailored insurance plans for you. To arrange your business protection policy, speak to your adviser today, or contact us here.