Business Insurance is essential to protect both the business and the business owner, should unforeseen events happen, such as the business owner becoming critically ill, losing mental capacity or dying. It is extremely important to ensure that your business is covered for these events so that you are never in the position that you or your business are left unprotected, potentially leading to the collapse of the business and loss of family income.
Call TLB Planning today and talk through your options with one of our experienced Consultants. We will ensure that your insurance policies are included in your Will, with the correct trusts in place, to maximise your families inheritance when you’re gone.
Key Man Insurance is one of the most important insurances for business people. The death of a key person in a small company often causes the immediate death of that business. Key Man Insurance will help the business survive despite losing the person who makes the business work. The family of the business owner can use the insurance proceeds for expenses until it can find a replacement manager or director, pay off debts, distribute money to investors, pay severance to employees and ultimately close the business down in an orderly manner if that is what needs to be done.
Where there are several business partners, a policy is taken out for each person, reflecting the value of the business relating to that person’s position, agreed by all parties. Remember, it is important to re-value these policies on an annual basis as things change. If one of the partners then passes away, the surviving business partners can buy out the deceased partner’s shares (holding in the business), meaning:
Having Key Man Insurance gives the family choices. And time.
If your business is just you, and your family depend on your income to survive, personal life insurance is a must. TLB Planning will arrange your life assurance and help you write your policy in an Assurance Trust. This is a trust that has been designed to specifically hold the benefits of a life assurance policy so that if and when a claim is made on that policy, the money is paid into the trust, and not the deceased persons’ estate. The benefits of this are: