Business succession planning is the process of protecting a business against some of the costs associated with such an event. Arranging business protection insurance is an efficient way to ensure that adequate funds are available to ensure the survival of the business in a cost-effective manner.
There are a number of ways in which the life assurance can be arranged:
- shareholder insurance
- partnership insurance, or
- keyperson insurance
It is important that appropriate steps are taken when setting up business insurance, to ensure that the arrangement is set up correctly from legal and tax perspective.