Keyman Cover
The profitability of many successful businesses can be attributed to the specialist skills of one or a small number of key individuals whose absence would be detrimental to the business in terms of stability and loss of profit. Many banks now insist on this cover as standard if they are arranging loan facilities.Plans could be put in position which provide benefits to include:
- Paying the costs of a temporary replacement
- Meeting the costs of recruiting a permanent replacement
- Replacing lost profit as a result of a Key Individual dying, suffering a critical illness or being absent due to a long term illness or accident
Partnership / Shareholders Arrangements
Should a partner or shareholder of a business die or suffer a severe illness, their spouse could legally automatically assume their responsibilities.A cash contingency can be arranged so that shares can be purchased by the remaining partners or shareholders immediately in order to maintain control of the business.
Please contact us for further advice.
