Business Protection
All businesses, partnerships and limited companies take great steps to insure their premises, stock , fixtures & fittings, machines, etc against financial loss. However they tend to forget about the importance of insuring their human capital, without whom the business may not survive.
At RMC Financial Services we will help you to put provisions in place for the main two business protection covers.
Key Person Insurance
The demise or disability of a key employee can have a major impact on a business and even threaten its very survival. Key Person Cover can protect a business by providing a lump sum to ensure business continuity in the absence of a key employee. That Key employee may be you or another employee of the business, whether operating as a company or as a partnership.
Corporate Directors Cover/ Partnership Cover
The demise or serious illness of a partner or co-director may cause serious business and financial issues for both the family of the affected person and the surviving co-directors or partners.
If the surviving spouse has no interest in the running of the business it can cause problems for the future operation of the firm. The ideal situation, in most instances, is for the surviving business partners/directors to buy out the shareholding from the beneficiary and place vital funds in the hands of the deceased members family and transfer the ownership and control of the firm to the surviving directors/partners. However the funds may not be readily available to achieve this aim.
As part of a business succession plan, RMC Financial Services can establish Partnership/Co Directors Cover to provide the necessary funds to ensure a smooth transition in the unfortunate event of the demise or illness of a shareholder, director or partner.
We will guide you through the associated legal and tax issues with this cover and of course, as completely unbiased advisors, RMC Financial Services can source the most competitively priced cover on the market.
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