Corporate Protection
Key Person Insurance
Directors and employees with specialist skills or knowledge are key employees of the company/business. To lose one through death or illness can be very damaging and this is why Key Person insurance could be used to protect the business at a time of need.
Examples of what Key Person protection could provide:-
Covering the cost of a temporary replacement
Meeting the cost of recruitment for a permanent replacement
Companies should not ignore the risks associated with losing a key member of the team.
Share Protection Using Life Assurance
Directors or Partners share agreements may confirm how the remaining directors or partners will purchase shares on death but there is always a risk that there may not be sufficient funds to hand at the time.
Life assurance is one way to solving the above problem and will be a comfort to all concerned. The individuals will insure each other’s lives to provide a lump sum on death. This lump is paid to the remaining parties, thus providing the funds needed to purchase the shares of the deceased person. This helps provide peace of mind for the beneficiaries of the deceased, who receives the cash payment and the remaining partners who retain control of their business.
Director and Staff Benefits
Recruiting and retaining a good team is a great benefit to any business. An attractive remuneration package can help with this.
Remuneration not only consists of salary, but can also be made up of pension, life assurance, income protection, medical protection and tax efficient bonuses.
If the team is key to a successful business then the above benefits may be offered to help and the result should be contented workforces who feel they are getting the very best.