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If your business is owned by shareholders or belongs to partners, you may not have considered what will happen if one of them dies or becomes seriously ill.
In addition to losing the benefit of their experience, if a shareholder or partner dies, their rights or investment in your business could pass to someone who has no experience of your business or who does not share your aims. This could cause disruption for your business and stress for them at what could already be a difficult time.
Often the remaining shareholders or partner(s) would want to buy out the person who has inherited rights or an investment in the business, but they may not have enough capital available. At a time of vulnerability with questions about the future of the business, it may also be difficult to borrow money from a bank for this type of purchase. In this situation Shareholder or Partnership Protection could provide a lump sum to finance the purchase.
If your business is owned by shareholders or belongs to partners and if you are unsure of what would happen if a shareholder or partner became critically ill or died, you may want to consider this Protection.
Please note, you should regularly review your cover and remember that inflation can reduce the value of the cover, and cover will end if your premiums stop.
Get in Touch
To find out more about how Shareholder or Partnership Protection could help your business, please call us on 01928 73 55 10 or complete our online enquiry form and one of our personal finance advises will contact you to discus your requirements.