To view a 5min video about Business Assurance by Iain Finch, please click here
Call us for more information or complete the quick enquiry form on the right and we will send you the KeyMan Insurance quote to your e-mail address or fax if you prefer.
The quotes will include the full cost of our advice which is built into the annual premiums. This covers the following:-
- Our initial fact finding analysis
- Our research team finding the most suitable insurer from the whole of the market,
- Provision of application forms and assistance with completion (online if possible),
- Setting up of trusts and corporate agreements
- Our admin team dealing with the providers to ensure a smooth completion
- Confirmation in writing of our advice and the reasons for the recommendation.
- An annual review of your plan to ensure it is still appropriate and competitive.
There are plenty of ‘no advice’ websites around but I am sure that you will be pleasantly surprised at both the value and the price of our service.
We will be happy to discuss issues such as tax relief, trust options, etc. to ensure that your plans are set up correctly at the outset. The wrong agreements can lead to loss of business property relief on the death of a shareholder in a business so it is best to get it right at the outset.
If Critical Illness Cover is required then you need to be aware that the illnesses covered can vary significantly from insurer to insurer. Do you want ‘fully comprehensive’ or ‘third party, fire and theft’ type cover. This is one area where independent advice is vital and the cheapest is definitely not the best.
How much cover do you need? If you need help in calculating the amount of cover needed then we can help you with this. As a rough guide use the following calculator.
Shareholder Protection and Partnership Protection will need a more accurate analysis to determine the cover needed. Call us if you need help in this area. 0800 881 8085
Why Keyman Insurance (or should it be Keyperson Insurance!)
Keyperson insurance is often an integral part of the financial affairs of large corporations, however, medium to small sized businesses often forget to consider, or are unaware of the existence of Keyman insurance and the benefits it provides for the unfortunate scenario of the loss of an important worker.
Insurances against loss of machinery and other key assets are considered to be a requisite in the smooth running of any business; however, employees are not often considered to be assets- this is unusual because they are in fact one of the most important parts of any business. This often comes to light on the eventuality of the loss of a key employee.
Nine out of ten companies employ fewer than ten employees; these businesses are the most at risk of failure when faced with the loss of a key employee. Death or incapacity of an employee can soon be followed by the end of the business. The proportion of people susceptible to long-term illness is extremely significant and this should set alarm bells ringing for those companies who are not covered by Keyman insurance.
So, which kinds of employee should Keyman insurance cover? First on the list are the shareholders, directors and partners. Next, the employees who make decisions regarding the direction and the types of change needed for the successful continuation of the business. This is followed by the employee’s who bring in the money that ensures the business is always making a profit, and who are not easily replaced. And finally, consideration must be made regarding those employees who are essential for the smooth running of the company, such as the IT managers.
If you are concerned with maintaining an effective business structure, you cannot afford to neglect the risks of losing key employees, Keyman insurance should be one of the primary considerations in the financial running of any sized company, in any business industry.
