Protect the health of your organisation — design and implement continuity plans that protect your business from major life and personnel risks.
Your key personnel help keep your business at the top of its game. However, if one of these key people became critically ill or passed away there may be concerns over business interruption.
It may be uncomfortable to consider the worst happening to your close colleagues:
- How would your business cope if certain key people became critically ill or passed away?
- What would happen if your business partner passed away, and their shares were inherited by their family? Would they sell them to you? Could you afford to purchase them?
- What knowledge, experience and expertise would be lost? What would be the effects?
Planning for these eventualities often requires a two-pronged approach:
Key person insurance
- There is always an element of uncertainty in running a business: premises can be rebuilt and contents can be replaced, but the recovery of a key individual is not nearly as certain.
- Having the right business protection policies in place helps to ensure your company can survive the loss of a key individual.
- Shareholder protection is designed to ensure business continuity in the event of the death of a shareholder.
- Insurance can be taken out by fellow shareholders or the company.
- Policy proceeds are used to help buy the share of the business owned by a shareholder who has passed away.
Our team is dedicated to understanding the needs of your business, and will work with you side-by-side to fully grasp your unique situation. Our advisers will recommend appropriate solutions from a wide range of providers, often working in conjunction with your solicitors, particularly when trusts are being used. This team-based approach ensures that your business's future and your long-term goals are more properly protected.
Talk with us today about setting up comprehensive protection for your key people. Trust NFP to address every eventuality and help you better take care of your business, both when skies are clear and when the worst comes your way, to mitigate your risk and better boost your growth potential.