Business protection advice
Contact our business protection advisers!
Business protection advice and guidance
We provide specialist business protection advice in Sheffield, Doncaster and Northampton.
We can offer you advice in all areas of insurance and protection for your business.
There are many things in life that you cannot plan for; however, if the worst ever did happen, you can ensure that you have the right protection in place for your business. There are a number of business protection solutions available, all designed to offer you the best possible cover and peace of mind that your business could continue to run, should the worst happen.
Business protection – how we can help
We have an expert team who can assist with all aspects of business protection, including reviewing what requirements your business may have in ensuring its continued survival. In particular, we have a great deal of experience in working with businesses to insure key individuals and shareholders in the business.
Key Person Insurance
In general, Key Person Insurance is an insurance policy taken out by a business to compensate that business for any financial losses that may arise from the death or extended leave of a key person within the firm. Directors and employees with highly specialist skills or knowledge are key employees of the company they work for, so taking out Key Person Insurance to protect the company is a wise move many firms are taking.
Key Person Insurance can provide several benefits, including:
Paying the costs of a temporary replacement
Meeting the costs of recruiting a permanent replacement
Covering the costs of death or incapacity of a key member of staff
The full scope of cover of Key Person Insurance will depend on the type of policy purchased and individual business circumstances. If you are considering taking out Key Person Insurance it is crucial you take advice on this matter.
Meet our team
Shareholder Protection
In general, Shareholder Protection is an insurance policy taken out by a business to allow the remaining shareholders or members to remain in control of the business following the death of a shareholder.
The business takes out protection policies for each of its shareholders and, upon death of a shareholder, the policy proceeds can be paid to the business or into a trust for the remaining shareholders. This provides the capital to buy the shares of the deceased shareholder. In return, the deceased’s estate will receive the cash value of the shares.
If a shareholder dies with no Shareholder Protection insurance policy in place, their share in the business may be passed to their family. The shareholder’s family, however, may not have the necessary skills, experience or interest to continue in the business, which could be extremely damaging for the remaining shareholders. The remaining shareholders may not have the funds for the share purchase, which could lead to a sale of shares to a third-party.
Shareholder Protection can also cover critical illness, as well as death.
It is important to take professional advice to ensure that the arrangements are set up correctly.
Why choose Hawsons Wealth Management?
Holistic approach
We don’t just focus on one area of financial planning. Our team will take into account all aspects of your financial situation and goals before creating a cohesive financial strategy that addresses the entirety of your financial circumstances and aspirations.
Independent
We are not tied to specific financial products or institutions, allowing us to recommend financial products impartially. This impartiality ensures our clients receive financial advice that is truly in their best interest.
Tailored
We recognise that all individual circumstances are different, which is why we offer all clients tailored financial advice.
