Business Continuity Protection
Less than 10% of business owners have adequate plans in place to ensure that their business will continue in the event of their death or incapacity.
It's vital to set up the mechanism for a smooth succession to surviving partners/co-owners if this should become necessary. It's time to face up to these questions:
- Could the co-owners/partners finance the share due to the estate of the deceased?
- How will any business loans due to that person or due to a financial institution be repaid?
- Could the business continue after the loss of the deceased's or incapacitated person's skills? If the business cannot continue, what is it then worth?
- How would you feel about a deceased co-owner's shares/partner's interest passing to, or being sold to, somebody who you would not wish to work with?
- Would your family receive the right recompense if you die or become incapacitated?
2020 Foresight can help you answer all these questions and put in place suitable business continuity protection:
- Sole Trader Protection: A life insurance policy and income protection cover
- Key Person Insurance: Providing funds to allow the business to continue if a key person dies or falls seriously ill
- Shareholder Protection: On the death or critical illness of a shareholder, other shareholders receive a cash sum to buy the shares of that shareholder. This is safeguarded by a contractual agreement between the shareholders
- Partnership Protection: Similar to Shareholder Protection, this allows partners to buy up the interest of the deceased/incapacitated partner
- Business Loan Protection: This ensures that a loan is repaid on the death or critical illness of a key person
Talk to us TODAY about how we can help you. Call us on 0845 467 6297 or fill out our Contact Form.
