All businesses depend on key people such as the owners, senior executives and specialist employees who provide the capital and knowledge, generate the revenue or manage the affairs of the business. Unplanned events such as the sudden death, illness or disablement of these key people can severely impact a business. We help protect businesses in the following ways:
- Keyman Insurance is an important part of any business insurance plan. It provides funds to keep a business financially stable if a key revenue generator suffers an unexpected insurable event.
- Buy/Sell Insurance provides the funds needed for business partners to purchase a business share from a departing co-owner in the event of death or total and permanent disability. This helps the remaining partners to ensure they can quickly acquire the departing owner’s share for fair value so the business can continue running with minimal disruption. For the departing owner or their estate this cover ensures that they will receive the agreed value of their shareholding in return for transferring their business share. As part of the process a binding legal agreement should also be drawn up so all related parties understand what will happen.
- Debt Cover helps to ensure that if an insured event occurs to a director or guarantor, that loan guarantees are extinguished for all business related debts.
- Business Expenses Insurance is similar to Income Protection Insurance, but it’s designed specifically for small business owners with the policy paying a monthly benefit to help cover ongoing business costs and overheads, if a business owner suffers an illness or injury and is unable to work.
This is a highly specialist area of insurance that True North has extensive experience in.