Running a business requires continuous planning for the future and knowledge of the company’s current financial status whether you trade as a sole trader, in a partnership or as a limited company. It is important to understand the value of key members of your organisation, shareholders and directors, plus how your company’s profit would be affected if one of these members suffered a serious illness or died.
For more information please read our Business Protection Guide.
Also if a sole trader employs any key people then consideration should be made for Key person protection
On the death of a partner, their share will pass to their estate and technically the partnership will be dissolved.
A partnership agreement can prevent this. It is often in the remaining partners’ best interests for them to buy the deceased’s share. This means that they need a Partnership Assurance Protection plan in place.
Through a predetermined business agreement, in the event of a shareholder’s death the proceeds of a plan can be paid to the remaining shareholders. These funds are used to purchase back the deceased shareholder’s interest in the business from his estate.
This ensures that the shares remain within the company but the deceased shareholders beneficiaries receive the monetary value of those shares.
Critical Illness Protection
Joint business owners can protect the business in the event of a business partner being diagnosed with a critical illness. Shareholder protection can provide a lump sum on diagnosis of a specified critical illness to be paid to the life assured, who in turn gives the business partner their interest in the business. Downton & Ali Associates business consultants can help you evaluate your business needs and create a comprehensive plan to protect the shareholder’s interest.
Downton & Ali Associates business consultants can help you evaluate your company’s business needs and arrange a comprehensive plan to help protect the shareholders and key person/s within your organisation.
Downton & Ali Associates business consultants can help you evaluate your company’s business needs and arrange an insurance policy that suit your needs.
As well as protecting your employees when things go wrong, it also help them lead a healthier life – meaning they don’t have to claim to be able to benefit. It’s the way insurance should be.
Downton & Ali Associates business consultants can help you evaluate your company’s business needs and arrange a comprehensive plan for corporate private medical insurance.
If you have any questions, or if there’s anything you’d like explained, please speak to one of our team on 020 3021 0075 or email us at firstname.lastname@example.org
Face to face advice.
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