Business Protection

Protecting the financial position of your business is just as vital as protecting your own personal position properly.

The Directors of privately owned limited companies may well be concerned that adequate financial arrangements are in place should a shareholder become ill or die. Some key questions are:

• Is there a suitable plan in place for the other shareholders or directors to be able to purchase the shares from the deceased shareholders estate?
• Is there a shareholder agreement in place clearly stating what other options are available to the directors and shareholders should such an event arise?
• Would current shareholders be happy if control was lost to an unknown third party?
• Is there a succession plan in place for your company?

The above questions also apply to partnerships.

Prosser Knowles provides solutions so that such questions can be assessed and so that the correct levels of protection can be put in place whilst also achieving tax efficiency.

There are many other areas to consider such as protecting employees:

• What would happen if a key individual within the company became ill?
• What would happen to profits as a result and how long would it cost to replace them?

A suitable Key Person Insurance scheme will cover the individuals that are not easy to replace due to their involvement and skills within a Company.