While businesses get insurance for what are seen as ‘essential’ things such as public liability, loss or damage to business premises or company vehicles, what often gets overlooked is the loss of arguably their most valuable asset – their people.
After all, it is your people who ensure your business runs smoothly and without them (or you) your business would inevitably suffer and would function less efficiently.
Ensuring a business is financially protected against such an eventuality can be complex but it’s something that the team at David Allen Financial Services are well equipped to help with.
Why not contact us for a comprehensive review of your business’ requirements?
Keeping control of your business
If a business doesn’t have a suitable protection plan and a business Will in place, losing a major shareholder or partner can cause serious problems.
Taking out life insurance, in conjunction with a suitable business Will or share purchase agreement, could help make sure that control stays with the remaining shareholders or partners.
Business owners can take out cover on their own life or on the life of another and can choose the level of life cover and plan term that is most suitable.
We will complete a comprehensive review of your company’s existing and future financial planning needs, arranging bespoke solutions where appropriate.
Key person and loan protection
Key person protection helps safeguard a business against the financial effects of death, terminal illness and critical illness of a key person.
The policy proceeds are paid directly to the business to be used to help replace the key person and help cover the loss of profits that may occur or repay any outstanding liabilities. In such circumstances the policy proceeds could help your business to continue trading.
Our advisers can complete a comprehensive review of your company’s existing and future financial planning needs, arranging bespoke solutions.
Death in service
Group death in service enables employers to provide a tax-free lump sum benefit payment to an employee’s family and dependants if they should die in service. As well as encouraging staff loyalty and demonstrating a genuine care for staff welfare, provision of group death in service, or group life assurance as it is often referred to, also goes some way to reassuring employees that their efforts in the workplace really count.
Schemes can offer a multiple of salary or a fixed amount as a lump sum benefit to an employee’s family and dependants should they die in service.
We will work with you to understand the benefits that can be put in place in your business. Contact us to arrange a no-obligation FREE discussion over the phone or to arrange a meeting.