Many businesses protect themselves against many eventualities such as buying insurance for their buildings & contents, insuring work vehicles and insuring stock and materials. For many businesses the biggest mistake they make is that their single biggest asset, their employees, are not insured.

Working closely with business owners we would establish what the financial implications would be if the business lost a key employee to a critical illness or premature death.

Business Protection can assist a business financially and often ensure a business continues in the face of adversity.

Key Person Protection allows business to insure itself against the financial loss it would suffer if the insured key person in their business died or were diagnosed with a specified critical illness during the policy term.

The business could suffer badly financially, with turnover and profits affected and often increased workloads for other employees. In the event of a claim policy proceeds can be used to replace lost profit or cover recruitment fees and salaries. Key Person Loan Protection may also be considered and assist a business in repaying outstanding liabilities in the event of death or critical illness to a Key Person during a policy term

Shareholder / Partnership Protection allows the surviving partners, shareholders or members to retain control of their business interests following the death of a co – business owner

In the event of a business owner dying or being diagnosed with a terminal or specified critical illness a share protection policy can ensure a lump sum is made available to the surviving business owners. This capital payment can be utilized by the surviving business owners to help purchase the deceased partners /shareholders/members share in the business.

If a business owner dies with no share protection in place his or her share in the business may be passed to their family. This means that the surviving business owners could lose control of a proportion or, in some circumstances, all of the business. The family may choose to become involved in the on going running of the business or could even sell their share to a competitor. A share protection policy can help avoid these issues.

The Financial Ombudsman Service (FOS) is an agency for arbitrating unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website www.financial-ombudsman.org.uk