All businesses carry a range of risks and most have a suite of insurance policies to counter those risks. We don’t handle general insurance but there is one area where we feel specific advice is needed, and our advisers are able to give this.
Keyman Insurance
In many businesses, the continued success of the business is reliant on the well-being of a number of core individuals—either because of the personal relationships they have built up with suppliers or customers, or because of their unique knowledge of the products and services of the business.
Losing one of these critical individuals can have a devastating effect on the business, and it may be worth considering taking out insurance against this eventuality. The insurance takes the form of a life policy against the death of the named individuals, with the benefits paid to the business. Typically the policy will be a term assurance with an expiry date set at an agreed point in the future. If an individual leaves the business prior to the expiry date, premium payments can cease.
If you feel that your business would benefit from a policy of this kind, please contact us.
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