As someone who runs their own business, the protecting of your business and planning for the future will be nothing new to you.
Business owners generally focus on insuring their assets and liabilities but fail to adequately insure themselves and key staff to protect themselves from unforeseen circumstances such as critical illness, sickness and accident and death.
Many business owners are under the impression that if his/her business partner dies his/her share of the business automatically goes to them. This is not the case and we can help you plan so that losing a key person doesn’t have to mean financial disaster for your business and that making these arrangements can be done with the minimum of fuss.
It is very important to consider making plans to help protect your business against the financial consequences of these unforeseen events to ensure that your business remains financially robust.
Keyman Assurance is used to inject a lump sum of cash into the business in the event of the loss of a key person. Keyman Assurance ensures that if a key person dies or is diagnosed with a critical illness the business will be able to repay loans, receive practical advice and support for the recruitment of a temporary or permanent replacement and train other employees to step into their key person’s position.
The objective of shareholder protection insurance is that following the death of a partner or shareholding director, the necessary funds to are available to either enable the surviving partners or shareholders to buy the deceased’s interest or shareholding, or to compensate the deceased dependents appropriately.
The loss of a key person can put immense pressure on the remaining owners and senior partners. In addition to the increased workload and potential loss of profits there may be the added burden of financial commitments such as outstanding business loans. Loan Protection will provide a cash lump sum to pay all or part of the loan depending on the sum assured.
The loss of a business partner can have a major impact on the success of a business. The objective in setting up partnership assurance protection is to make sure that the assets of the owner who is critically ill, or who has died, gets a fair value for the sale of their share of the business, with the remaining owners keeping continued control of the business.
Relevant Life Plans
This is a type of death in service life assurance policy for owners of small businesses, where it is not viable to set up a group death in service scheme due to the small number of employees. These schemes are tax efficient in providing life cover for company directors and key employees.
Policies with no investment link will have no cash in value at any time and will cease at the end of the term. If you stop paying premiums your cover may end.
If you require more information in Newport, Cardiff and South Wales then please call us on 01633 246246 or use our contact form.
“We have been working with Sweetland Associates Ltd since 2003 and have been more than happy with the professionalism and quality of service that they have with our clients. They have recently been helping a number of our clients review and update their business protection arrangements including Keyman Assurance, Shareholder Protection and group death in service schemes. In addition a number of our clients are being helped to plan for the new compulsory pension schemes to be introduced later this year.”
Johnathan, Rhodes Walter Hunter & Co Newport
The information contained within this site is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK. Company Registration Number: 4689304
Country of Registration: England & Wales. Trading office address: Cathedral Chambers 107 Stow Hill Newport South Wales NP20 4ED. Registered office address: 107 Stow Hill, Newport, South Wales NP20 4ED
Telephone Number: 01633 246246 Email address: firstname.lastname@example.org Sweetland Associates Ltd is authorised and regulated by the Financial Conduct Authority and is entered on the FCA register (www.fca.gov.uk) under reference 744333.
Further information about the Financial Ombudsman Service (FOS) is available from their website www.financial-ombudsman.org.uk