I could not have got cover without your help
Key Man Insurance
Company Life Insurance - Your Business, Your Future.
Managing your own business can give you the flexibility to take control of your future, but how would your business cope with the loss of a key person or director? How drastically would your plans change if you or another key person died or suffered a serious illness?
If the worst should happen and your business is not fully protected, the firm could be left without enough money to pay your running costs. You may have covered the tangible assets of your business, but have you protected yourself, your share in the business or those key individuals who may contribute heavily to profits?
As well as protecting your business premises, contents and material assets, there are three other main areas you may wish to consider for business protection:
- Protecting a key person
- Protecting a director/partner
- Protecting a business loan
Key Man Insurance is also known as; Business Protection, Key Person Insurance, Directors Life Insurance, Key Employee Insurance, Business Loan Insurance and Partners/Directors Share Protection.
Key Person Protection
Is there a person within your business who you feel is key to driving Profits, Performance, Technology, New Sales… could it be you?
In most small to medium enterprises there are usually a number of key individuals. In a recent survey, 98% of businesses said that they had at least one key individual within their business, and yet 63% stated they did not have any protection against the loss of that individual. *Source: Legal & General Business survey May 2009 carried out in conjunction with the British Chamber of Commerce
- What would happen if your key individuals were to die or suffer a critical illness?
- What would happen to your profits?
- How easily could the individual's skills be replaced?
- Would there be sufficient cash flow to maintain profits whilst a key replacement is found and trained?
Directors'/Partners' Share Protection
Have you considered:
- What would happen to your business if a director or partner dies or becomes critically ill?
- Not only would there be a loss of experience and expertise but what happens to their share in the business?
- Can you afford to buy their shares without having to take out a loan or by selling assets?
- Is there an agreement in place that will allow you and the other shareholding directors to buy the shares?
Business Loan Protection
It is an uncertain time for many businesses so having control over your credit terms and maintaining relationships with your creditors & debtors is vital to sustaining your cash flow.
- What agreement do you have in place if one of the shareholders/partners were to die?
- How would your creditors & debtors react?
- What controls will the Bank have?
These are just some of the issues you may be faced with should the worst happen.
At the-insurance-surgery.co.uk, through our specialist partners, we are working with many businesses large and small to help ensure that effective solutions are in place to help you ensure your business can continue to grow and profit. Please contact us now for a quotation or more information on how to protect your business from the unforeseen.
- What would happen if your key individuals were to die or suffer a critical illness?
- What would happen to your profits?
- How easily could the individual's skills be replaced?
- Would there be sufficient cash flow to maintain profits whilst a key replacement is found and trained?
Illnesses we can help with
We can help with a very wide range of conditions and it is always advisable to contact us regarding your personal circumstances. Our success rate will depend on various factors including the type and severity of your pre existing condition and the type of insurance needed. We have particular success with the following
- Diabetes (diabetic)
- Cancer
- MS (Multiple Sclerosis)
- Asthma
- Epilepsy
- Mental Illness
- Stroke
- High (Raised) Blood Pressure
- High (Raised) Cholesterol
- Obesity
- Kidney Disease
- Heart Attack
- Crohns Disease
- Colitis
FOLLOW THE INSURANCE SURGERY LTD:
© 2010 The Money Surgery Ltd | The Money Surgery Limited is registered in England No. 07028695
www.the-insurance-surgery.co.uk is a trading name of The Money Surgery Limited which is an Appointed Representative (FSA registration number 511725) of The Insurance Surgery Ltd who are authorised and regulated by the Financial Services Authority (FSA registration number 401425). The Money Surgery Ltd allows The Insurance Surgery Ltd to use this site as a marketing and communication vehicle. All enquiries generated by the site will be handled by either The Insurance Surgery Ltd or The Money Surgery's other commercial partners who will also be regulated by the Financial Services Authority where required. (see terms for full details)