Key Man / Shareholder / Partnership Protection
Keyman insurance compensates a business for the financial loss brought about by death or critical illness of a key employee, such as a company director. It provides a valuable cash injection to the business to aid a potential loss of turnover and to provide funds to replace the key person.
Share or partnership protection provides an agreement between shareholding directors or partners in a business, supported by life assurance. It ensures that the control of the business is retained by the remaining partners or directors, but the value of the deceased's interest in the business is passed to their chosen beneficiaries in the most tax efficient manner possible.
The above are essential areas for partnerships or directors of private limited companies to explore. We help you to determine the level of cover you need, any necessary trust arrangements and can provide sample agreements for you to use.
Many people prefer to instruct a solicitor to advise on the agreement and / or any trust arrangements, especially in more complex cases. We are more than happy to work with your existing solicitor, or can indeed recommend a solicitor from our trusted network of professional contacts.