Also known as ‘key man insurance’, this can compensate a business for financial losses arising from the death, or extended incapacity, of a specified employee or director.
Business protection is all about insuring for the unexpected. It's a way of protecting your business if something goes wrong.
This can provide a business partnership with the funds to ‘buy out’ or compensate the deceased’s dependants, should a business partner die.
In the interests of financial security, business stability and continuity, it is essential to provide a safety net following the loss of a shareholder.
A guide to succession planning in case of the death or serious illness of an owner or key employee