Keyperson / Shareholder protection
Businesses may want to protect the key employees within their firm – perhaps the key salesperson, or the IT manager without whom the business will not function properly. Keyperson protection can provide a fixed sum should the individual be unable work, or even die. The benefit will be designed to cover the firm’s expenses in meeting any emergency costs, recruiting a replacement employee and protecting the future of the business.
Similarly, if a key shareholder was to pass away, the firms remaining shareholders or directors may want to purchase the deceased’s shares from their estate promptly to maintain control of their business.
This type of arrangement is also known as a cross – option agreement between business partners.
The policies can cover death, critical illness or long term sickness/injury.
Contact us on 01752 666165 to discuss your Business Protection provisions.