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What is Business Protection? 
Research suggests that just 4% of business owners have Business Protection cover in place even though:

* 69% say losing a key individual would have the biggest impact on their business.
* 29% say they would cease trading within 3 months – and 44% within a year.
* 47% have nothing in place to establish what would happen in the event of the death of a business owner.

Death of a Business Partner

On the death of one of the partners in a firm, the beneficiaries of that partner (usually a spouse or family member) may wish to withdraw his/her share of the partnership’s value. This can cause problems for the remaining partners because it might mean that they will have to sell partnership assets to pay the deceased partners family. One solution would be for the partners to insure against the death of each partner – in order to buy out their share.

Death of a Key Employee

The death of an important employee, especially in a small company, may have a devastating effect on a company’s profits. A company may wish to insure against the death of such key employees.

Death of a small Business Shareholder

Small businesses usually have a small number of share holders (often family members, relatives or friends). Surviving shareholders in a small business will probably thus want to buy shares of a deceased shareholder to prevent the shares from going out of the close circle of existing shareholders.

Business Protection helps businesses carry on trading if a key member of staff, shareholder or director dies or contracts a critical illness during the term of the plan.

Contact us if you want to ensure that your business is fully protected.

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