Business Protection

Keyperson / Shareholder / Partnership Protection

Businesses may want to protect the key employees within their firm – perhaps the key salesperson, or the IT manager without whom the business will not function properly. Keyperson / shareholder / partnership protection can provide a fixed sum should the individual be unable to work, or even die. The benefit will be designed to cover the firm’s expenses in meeting any emergency costs, recruiting a replacement employee and protecting the future of the business.

One way to do this is by having keyperson, shareholder, partnership protection. If your company or business has insurance, it is business protection for them. By law, companies must be able to cover losses up to £5 million, but most policies, such as the policies on business protection athat we atIndependent Financial Planning (Anglia) offercover £10 million. Why have that business protection? If a company has a policy that will not cover their employees, seasonal staff, temporary staff, etc., it may face a fine of up to £2,500 for each day the business does not have the appropriate insurance.

If a shareholder were to pass away, the firms remaining shareholders or directors may want to purchase the deceased’s shares from their estate promptly to maintain control of their business. The same scenario also applies to partners in a firm. Does your company offer at least the very basic pension pay plan for employees? Changes were made to the pension regulator in 2012. Some companies may struggle to understand the changes made that have phased in employer contribution levels of 3%. We can help businesses so company heads and keyholders that implement policy understand why your business needs the business protection offered by Independent Financial Planning (Anglia) based in Milton Keynes.

The same scenario also applies to partners in a firm. The death of a shareholder can jeopardise business operations if a company does not have a shareholder protection and partnership policy, such as the shareholder protection or partnership protection offered by us. Business can resume as normal as possible – without worry surviving shareholders will have no money to purchase assets.

Authorised and regulated by the Financial Conduct Authority (FCA Firm Number: 429592).