Only one in three companies have some form of business protection. A worrying statistic when 47% of businesses said their company would not last more than one year without key person/people: (source: Legal & General May 2003).
So ask yourself the following and let us help you find the solution you need:-
How many people are key to your company’s survival and are these individuals insured in the event of death/serious illness? (Remember a key person is not always the boss)
Shareholder/Partnership Protection
It would be disastrous having worked so hard to make your business a success for it to fail because of a basic oversight such as inadequate protection.
Again, the following questions should prompt a review of your business protection arrangements:-
Who will own your business if a director/partner dies, retires or suffers a critical illness?
Have you made provision to ensure you remain in control of the business?
Is your provision adequate?
Has this been documented and allowed for in the Articles of Association?
What type if any Trust planning was used when setting up this provision?
Has the level of protection remained level as your business has continued to grow?
Insurer competition has resulted in premium rates falling. Are you paying a competitive premium?
