When you first set up a business you will no doubt have purchased a great deal of protection insurance; employer liability insurance, product liability, cover for the car fleet, the equipment and the property in which you run your business. However, many people overlook something which is just as, if not more, important, protecting the business if one of the key employees, one of the Directors or Partners should die or be unable to work through ill health.
Have a think about how such an event would impact on the ability of the business to continue and to continue to maintain the same level of profitability
Nicholls Stevens can advise you on the best way to provide for this cover. It is a complex piece of advice because the first step is to analyse the business and try to evaluate the possible loss of revenue should a key person be unavailable through death or disability.
It is also important that we review your partnership or shareholder agreement, so that any cover which is recommended fits in with this legal document. If you do not have such a document, the first step is to get this in place
There are different policies which can provide benefits to either the business or the individual and an in depth report is usually needed. This is a good example of a situation where good advice and frequently quite low premiums can save a business an enormous amount of money in the long run.