Protect your business for life
If you’re the owner or director of an SME, you’re the lifeblood of your business. So what happens when you’re not there to keep it going and growing?
It’s a fact that as the leader of an SME, you’re far more hands-on in the day-to-day running of your business. So the loss of a partner, member or shareholder can have a huge impact on its performance. Fortunately, there are two different ways to insure you against life’s unforeseen events.
Individual Purchase Option
This is where you cover yourself and your family. It’s an individual arrangement where each business owner takes out a protection plan on their own life for the value of their share of the business. In the event of the death or critical illness of one of the owners, the others will receive the proceeds of the plan. They can then use the money to buy the shares of the deceased or critically ill business owner.
Not only will it keep the business up and running. It gives financial peace of mind to the family of the business owner who passes, or becomes critically ill. As well as the choice to sell their share of the business, the remaining owners have the option to purchase the extra share.
Company Purchase Option
This policy lets the business buy the shares of a deceased or critically ill shareholder. Here, your business takes out a plan on the life of the shareholder. If they should pass away or become critically ill, the proceeds of the plan would be used by the business to buy the shares of the affected shareholder.
One less thing to worry about
At Allisons, we’re here for your business through good times and bad. So while no one likes to think about the worst, with our help, it’s quick and easy putting the right plan in place. Talk to us today and we’ll guide you through the entire process. Not only that, we’ll search the whole of the market for the best policy for you. Meaning you’ll have one less business issue to worry about.