Too few firms consider the impact of the death of a Key Individual or Business Partner. In the event of a worst case scenario there a number of options to help minimise business risk and provide some form of continuity at a difficult time.
Keyperson Insurance This would pay the business a lump sum on the death of a valuable employee to cover lost revenues or profits. It is also possible to arrange for regular payments to be made to cover lost revenues for a temporary period if the employee is absent from work for a sustained period due to illness or accident.
Shareholder and Partnership Protection These arrangements will comprise an insurance policy which will pay out an agreed sum assured on the death of a shareholder or business partner. The policy will normally be written in trust for the surviving shareholders /partners who will receive the proceeds to enable them to purchase the deceased shareholder’s / partner’s interest in the business.
These arrangements can be complex and it is important they are set up correctly.
Our Leicester based team has the necessary expertise to provide advice on keyman insurance and shareholder and partnership protection, ensuring we recommend the correct solutions within the appropriate tax and trust structures.
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