Business protection is designed to help your business continue to trade should a key person or business owner die or suffer serious illness. Your Business Protection Plan will ensure that key individuals can be replaced, corporate debt can be protected and above all ownership can be maintained.
We are specialists in this field and will guide you through the process to ensure that your business is protected in the most suitable and tax efficient manner.
Businesses may wish to protect the key employees within their firm – perhaps the key salesperson, or the IT manager for example without whom the business will not function properly.
Keyperson protection can provide a fixed sum which can be used to offset the financial impact of death or serious illness.
The benefit will be tailored to cover the firm’s expenses in meeting any emergency costs, recruiting a replacement employee and protecting the future continuity of the business.
Shareholder / Partnership Protection
In the event of a business owner dying or becoming seriously ill, shareholder or partnership protection plans can provide a lump sum to the remaining business owners. This allows the ownership of the business to remain with the continuing shareholders/partners.
The value of the business interest is also protected in a tax efficient manner, and can be passed on to the business owner’s family.
To protect business ownership a robust and individually tailored solution is required, taking into full consideration the tax implications of the arrangement.
We specialise in this area and can guide you through the complexities, advising a suitable tax efficient solution that can provide protection for both the business and your loved ones.
Business Loan Protection
In the event of a claim following the death or serious illness of a business owner, a lump sum is paid to the business, which can be used for repayment of an outstanding debt or loan.
The following debts should be protected;
• Commercial Mortgage
• Director loan accounts
We will advise you upon the most appropriate level of cover, depending upon the needs and circumstances of your business.
Group Employee Benefit Schemes
Group employee benefits schemes can;
• Increase staff loyalty
• Improve productivity
• Reduce absenteeism
• Attract high calibre staff
A wide range of options are available;
• Death in Service
• Income protection
• Critical Illness
• Private Medical Insurance
Often these are backed by Employee Assistance Programs (EAP) which provide valuable additional support for a range of medical, financial, or legal concerns.
Relevant Life plans
Relevant Life Plans provide individual death in service benefits for employees including directors. These can be suitable either in place of, or alongside group benefits schemes.
Relevant Life plans offer attractive tax efficient protection for your loved ones.
Business protection can be complex, there are many factors to consider both from a legal and tax perspective. It is essential to seek advice. Please Carol Powell if you wish to discuss your Business Protection provisions. Email: firstname.lastname@example.org
3 York Street
Chester. CH1 3LR
01244 324 891