Death and serious illness – nobody likes to think about it. However, as a business owner it is important to consider the impact should you or a key employee die or be unable to work for a significant period due to illness.

What would happen to your business? The consequences are varied and could include an impact on new business, profits may take a hit and the business may incur significant recruitment costs in finding a replacement. Your business may even need to cease trading.

You may also want to consider the impact on the individual’s family. Would you want to provide financial support to the family of the employee?

Fortunately, there are a number of insurance products available that can help provide financial support to your business and employee’s families in the event of death or critical illness. Key Person insurance can provide financial support to the business on the loss of a key employee and can help cover some of the costs incurred, examples of which are detailed above. If your business has multiple shareholders, Shareholder Protection can provide a cash sum to allow the remaining shareholders to purchase the shares of the deceased individual. Relevant Life cover can provide a lump sum benefit to the family of a deceased employee, while also providing tax benefits to the business.

Your financial adviser can help you determine what products would be suitable for your business and to help you calculate the required cover. You can then feel reassured that your business will be protected should the worst happen.

Written by Chase de Vere, www.chasedevere.co.uk

Chase de Vere provide independent financial advice to individuals and businesses across the UK and have done so for almost 50 years.

Please note that this article does not constitute financial advice. Should you require advice, please contact Chase de Vere or another adviser.

Connecting you

Putting you in touch with the right experts and business contacts quickly and efficiently

Find out more

Knowledge Sharing

Gain knowledge & inspiration from other business owners

Find out more

Business people shakling hands

Massive momentum

“ESPA have been involved with Inspire for about 4 years. Since the launch of the Elite programme we have gained a massive momentum through both the networking and direct business advice and support. For companies on a growth track, they are a vital partner to have along with you for the ride!”

Colin Blackburn
Director, European Student Placement Agency Ltd

Goldman Sachs logo
In partnership with Goldman Sachs

The Goldman Sachs 10,000 Small Businesses UK programme is designed to provide high-quality, practical education and business support to leaders of high-growth small businesses and social enterprises across the country.

Watch video
Grants and grant funding

Grants to fund business growth and innovation are often available but dependent on Government and Local Government priorities. If you are interested in finding out whether your business could be eligible for Grant Funding.

Watch video
x
x

Our Partners

Download your Inspire Meet The Expert Toolkit here

1TCA
Abacus Associates logo
abel and Imray
Apptel Logo
Artemis Clarke
Atkins Limited
Avagio IT
BWC logo
Boson web
confident cashflow logo
Cereal Partners UK
CSquared
Engage CRM UK
Enhance
Enquire
ESPA
face2faceHR
HR Dept
Intelligent Dialogue
Labyrinth Computers
Lloyds Bank
Longleat
Milsted Langdon
Mitchell Law
Money Corp
Quantuma LLP
RCC Town Planning Consultancy
rosemary bookkeeping logo
Securious - the south west's leading cyber security company
Shaw & Co
Stonegate
SWBF Finance
Wansbroughs
Wessex Fleet
What No Safety Services
Wiltshire college
Wiltshire Council
Wiltshire Friendly Society

Strategic Partners

Apetito
Atkins Limited
Center Parcs
Engage CRM UK
Granted Consultancy
Green Labyrinth
Haines Watts
Knorr-Bremse
Labyrinth Computers
Lloyds Bank
Longleat
Natwest
Securious - the south west's leading cyber security company
Shaw & Co
Smith and Williamson
UWE Bristol
Weston College logo
Wiltshire Council
Wiltshire college
Edison Wealth Management