All too often, business proprietors insure their desks, computers, buildings etc but not the most important asset. The people within the business. Business Assurance can be inexpensive but extremely important for the succession planning of the business. There are different types of Business Assurance:
Keyman Insurance (also known as Keyperson Insurance)
Keyman Insurance is an insurance policy which a company takes out on any of its key employees or directors. The key people are usually the staff who are very important and of great value to the business. The company would suffer financial loss on the death or critical illness of the individual.
Shareholder Protection is an insurance policy put in place to protect the companies shareholders. The policy would pay out a lump sum on a shareholders death to allow the remaining shareholders to purchase the remaining shares. This avoids a non suitable person from being involved in the running of the business.
Partnership Protection is an insurance policy put in place by the partners of a business. The policy would pay out a lump sum on a partners death which provides a lump sum which can be used to buy out that partners shares of the business. This avoids a non suitable person being involved in the running of the business.
Loan Protection is an insurance policy put in place to provide a lump sum to pay off any company borrowings.
The information above does not contain all of the details you need to know in order to choose a product or a solution.