Key Man - Many businesses have members of staff who are essential to its smooth and profitable running. Business owners often look to us for advice on how to protect themselves against financial loss arising from the death or protracted incapacity of a key member of staff. We can recommend on the right type of key man insurance for their needs.
Relevant life plans - The cost of providing life insurance for owners, directors or employees of businesses can be expensive. However, there is a more cost- effective way to arrange cover that also attracts tax relief. A relevant life plan is a term assurance plan paid for by the employer (the premiums qualify as an allowable business expense). It pays a tax-free lump sum if the employee dies in employment, or is diagnosed with a terminal illness. Directors of limited companies can also benefit from this tax-efficient life cover.
Shareholder protection - In addition, we often advise on shareholder protection policies. These provide vital finance in the event of the death of a shareholder or partner in the business, removing the need for the remaining shareholders to rush to find the funds to buy out the deceased’s shares, and providing an opportunity for business continuity.