BUSINESS PROTECTION

Our protection services help ensure smooth running of your business should anything happen.
 
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Business protection is designed to help your business continue to trade should a key person or business owner die or become terminally or critically ill. Your Business Protection Plan will ensure that key individuals can be replaced, corporate debt can be protected and above all ownership can be maintained.

As Independent Financial Advisers we will guide you through the process to ensure that your business is protected in the most suitable and tax efficient manner.

Our business protection services

Key Person Protection helps safeguard a business against the financial effects of death or critical illness of a key person during the policy term.

The loss of a key person may result in reduced sales, loss of profit/turnover, added recruitment costs, and the disruption of development plans or increased workloads for the remaining staff.

Who is a ‘key person’?

A key person is an employee whose death or continued absence would affect the profits of the business. Key people are individuals whose skills, knowledge, experience or leadership are important to a business’ continued financial success. Examples of a key person include, but are not limited to:

• Sales director
• IT specialist
• Managing director
• Head of product development
• Technicians and R&D personnel

How does it work?

Key Person Protection is a life assurance or life assurance and critical illness plan that is owned by the company and provides capital to cater for or replace your key person(s).
If your business has an individual or individuals who are fundamental to your success, contact us to discuss your options.

The loss of a business owner is shattering and can lead to financial difficulties. Partner/Director/LLP Share Protection means if the worst does happen, the remaining partners/directors/members are able to stay in control of the business.

How does it work?

In the event of a business owner dying or becoming terminally or critically* ill during policy term, Business Protection plans can provide a sum of money to the remaining business owners. This ensures that the ownership of the business remains with the surviving / continuing shareholders.

In addition this also protects the value of the business interest that can be passed on to the business owner’s family.
There are several steps required to protect business ownership.

At Williams Financial Planning we will guide you through the complexities of this area, advising upon the most suitable and tax efficient solutions to protect the future ownership of your business.

*As meeting the definition of Critical Illness provided by the insurer within specific guidelines and accordingly to severity.

How does business loan protection work?

Business Loan Protection provides life assurance or life assurance and critical illness cover.

In the event of a claim a lump sum is paid to the business or repayment of an outstanding debt or loan.

What debts should you consider?

• Overdraft
• Loan
• Commercial Mortgage
• Director loan accounts

We will advise you upon the most appropriate level of cover, depending upon the needs and circumstances of your business.

The benefits and breadth of employee benefits

Group employee benefits can;

• Increase staff loyalty
• Improve productivity
• Reduce absenteeism
• Attract high caliber staff

A wide range of options are available;

• Death in Service
• Critical Illness
• Private Medical Insurance

Often these are backed by Employee Assistance Programs (EAP) which provide support on a range of financial, emotional and legal concerns.

For smaller businesses Relevant Life Plans provide death in service for individual employees.

The bridge to your financial security.