Business Assurance

Key Person Insurance

A key person (or ‘key man’) is someone who is fundamental to the running of the business.

This person, through their knowledge, skill, or expertise, contributes to the profitability of the business.  But if this person should die or become disabled, contingencies need to be in place to ensure that the business’s profitability is not impacted on, or that the financial impact to the business is minimized.  We can tailor an insurance policy on the life of the key person.

The proceeds of this policy will then be paid to the business to cover the cost of contingencies.

Buy & Sell Insurance / Partnership Insurance / Business Continuity

A buy and sell arrangement, supported by a buy and sell agreement and buy and sell insurance ensures that on the death of a business owner, the business can continue to operate with as little disruption as possible for the surviving business owners, it also ensures that the estate of the deceased receives fair value for his/her business interest, as well as settlements of his credit loan account.

But there are other things to consider, which is why you need professional advice on this complex issue:  Will your spouse get along with your partners?  Will your partners have the means to buy your shares?  Will an outside party become a partner?

Speak to us we can tailor a solution for your business.