Business Insurance

One of the key risks facing any business is the death, illness or injury of a business partner or key employee. Such an event could give rise to a number of immediate financial pressures for the business. These could include a bank review of a business loan, disruption to business (e.g. loss of sales, key customer etc.), curtailing of credit facilities and/or the requirement to purchase the departing owner’s share of the business.

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.

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