Have you ever stopped to think about what would happen to your business if you suddenly got sick and couldn’t go to work?

What if it was one of your business partners or shareholders?

How would this affect your business in the short term?

If a return to work was not possible then what would be the long terms implications?

What would happen if a key person died?

Do we have business insurance?

Key People Protection.
Just as its wise to insure business assets against loss, its common sense to insure specialist or skilled people who use those assets or who create business profitability. Ideally all identified key people should be covered, including yourself.

• Key Person Cover injects cash into a business on the loss of a key person through death or disablement.
• This money can provided funds for securing and integrating a suitable replacement.
• Replace lost profits and help to reassure customers and creditors that the business in not experiencing a financial crisis.

Shareholder Protection and Buy / Sell Agreement.
If the future control of your business in important to you, and you want to ensure that your estate and dependents receive a fair price for your shares or business interest, then Partnership/Shareholder Purchase Cover with a Buy/Sell agreement is a must. This avoids consuming personal cash reserves, the sale of personal assets or the need for a substantial loan.

Partnership/Shareholder Purchase Cover with a Buy/Sell agreement can provide certainty about the future ownership of your business in the death or serious disablement of a partner or shareholder.

It can create the funds and mechanism for the sale and purchase of a business interest, help find a future owner or owners for the business, provide the means whereby an existing owner can receive a fair price for his or her business interest.

Debt Cover.
As the name suggests this cover is designed to provide funds to retire debt and release owners from guarantees and other debt instruments. Ownership and intent of the policy is critical when providing cover of this nature.

There are many things to consider when it comes to protection your business, as an Adviser I will go through the process with you, asking the question that are most relevant to your business and help you to come up with a contingency plan to make sure that your have the right insurance in place.

Contact the team at Bassett-Smith Insurance today so we can get your business insurance update now.