Businesses may want to protect the key employees within their firm
Perhaps the key salesperson, or the IT manager without whom the business will not function properly or remaining partners and shareholders in the event of the death of one of the parties.
Keyperson / shareholder / partnership protection can provide a fixed sum if an important team member on whom the business relies is unable to work. The benefit is designed to cover the firm’s expenses in meeting any emergency costs, recruiting a replacement employee and protecting the future of the business.
If a shareholder or partner were to pass away, the firms remaining shareholders or directors may want to purchase the deceased’s shares from their estate promptly to maintain control of their business rather than allowing control to pass to a beneficiary who would then be able to sell the shares or take control.
We can assist you in calculating the costs of a key individual being unable to work and provide a solution to ensure that there would be no financial impact and control of the company remains with the appropriate individuals.