Key Man Insurance

Over 90% of companies in the UK have 10 or less employees so at least one of these people is bound to be a "Key Employee". That is, the employee is key to the company's ongoing survival. He or she could be a top salesperson, an IT professional who looks after the company website, a Director or just about anyone who strives to make the company the success it is today. So now try to imagine what it would be like if that person were to die suddenly or be diagnosed with a critical illness. What would happen to the company?

Maybe:

• There would be a drop in sales immediately which would lead to a drop in profits
• You may need to hire expert help on a temporary basis which would cost considerably
• The company probably wouldn’t run as well
• There would be a significant amount of stress placed on other members of the workforce
• Company confidence would be damaged

Clearly losing a key person is not something any company would want to go through but it is one contributing factor that can cause companies to collapse.

By having Key Man Insurance in place the company could survive the financial loss of a key individual. The money from the policy could be used to provide compensation for the loss in profits as a result of the key man's death or illness. This would allow the company time to train another employee to take over or recruit a new
suitably qualified applicant.

There are many examples and case studies on the Internet as to what would happen if your business did not have Key Man Insurance but the best example would be your own if you were to let it happen. To put things into perspective, 1 in 5 men will suffer a critical illness before retirement age. If your business employs 10 people then there’s a 20% chance it could effect the running of the business.

To speak to someone about our Key Man policies call UK Business Life on 0161 820 1645 or email info@ukbusinesslife.co.uk

Shareholder or Partnership Protection Insurance

Shareholder or Partnership protection insurance protects each of the shareholders.

On the death or diagnosis of a critical illness of a shareholder or partner, the other shareholders receive a cash lump sum which can then be used to buy the affected shareholder’s shares.

This method ensures that the shareholder’s family receive their part of the inheritance as quickly as possible whilst there is minimum disruption to the company.

To speak to someone about our Shareholder or Partner Protection policies call UK Business Life on 0161 820 1645 or email info@ukbusinesslife.co.uk

Key Person

Protect against the impact from the loss of a key person which can include:

• Loss of future profits
• Unable to repay commercial borrowing
• Unable to repay capital/loan accounts
• Restrictions on future credit
• Loss of specialist skills
• Cost of finding/training replacement
• Competitors given time to "muscle in"

Business Loan Protection

• Business protection required to support business overdrafts, mortgages, or corporate loans
• Business Protection required to support further loans for expansion or special projects
• Required for partners who are wholly, as well as personally, responsible for debt settlement

Partnership / Shareholder Protection

• Required to prevent shares passing to other family members who have no experience of the business
• To protect surviving shareholders from a family who may sell to third party that is unacceptable to surviving owners
• Required to prevent a business having to be liquidated

Executive Income Protection

• Provides additional security and benefit for employees
• Provides a more comprehensive cover than individual income protection
• Covers employers pension and NI contributions

More...

If you think you need something not covered above, please give us a call on 0161 820 1645 or email us at info@ukbusinesslife.co.uk