Protecting your business goes beyond insuring the premises, contents and any liability insurance.
There is a risk to a business in the event of a death or serious illness of a Co-Director, Keyman or Partner. Managing this risk through a life insurance plan is relatively inexpensive when compared to the potential benefits of having it in place.
Flynn & Lynch can set up Revenue Approved Life Insurance Plans for the Business Protection to ensure that the necessary funds are available in every situation.
See below an overview of each situation where we would advise that business protection is in place.
The policy is designed to allow a business to insure it’s key people against the risk of them being unable to work due to suffering a critical illness or premature death.
The payment from the insurance policy to the business would provide replacement cash to support the business while it realigns itself and gets its business back on track.
The sum insured for the cash lump sum would be calculated as the potential loss of revenue that the business would suffer if they lost the Keyman.
Partnership Insurance is designed to make funds available to enable financial compensation to the successor and the estate of a Partner who may have died or had a serious illness.
Financial compensation is usually made through a life insurance plan set up within legal agreements. The agreement helps to maintain positive relationships in ongoing business activities and with the partners estate and his legal successor.
The remaining partners can decide to continue the business or cease trading and at the same time ensure their partners successor and estate are looked after financially
Co – Directors Insurance is used to provide funds to a company that is a separate legal entity to purchase shares from a successor in the event of the death or serious illness of a Director.
This type of insurance is very important in managing any sudden transfer of ownership between Directors. It ensures that shares in the company can be purchased, owned and controlled by the remaining Directors of the company in a positive personal and financial environment.
The cash funds are used to purchase shares and helps to avoid challenging succession planning situations that can sometimes have a negative impact on the current and future business performance