There have been many onset issues that have stemmed from the pandemic since it made its global presence known in early 2020. Several lessons have and will be learnt but perhaps the greatest of all lessons will be that life is fragile. Things that we took for granted we can …
Partnership Insurance is a form of Life Insurance that provides compensation to the remaining Partner in this event in order to allow them to buy the deceased person’s share of the partnership from their next-of-kin.
In the midst of running your business it is all too easy to overlook performing due diligence on the very asset that keeps all of the above in check, you.
This is where the need for a life assurance business arrangement comes into play and while there are a number of structures that can be enacted, for the purpose of simplicity, Corporate Co-Director Insurance is also referred to as shareholder protection.
In order for any business to ‘keep going’ it needs to ensure that its key people are properly motivated and remunerated for the expertise, value, and insight that they add. But what happens if those key people can’t keep ‘going’? If their stopping has major financial and operational ramifications for the business. If that person became seriously ill or even passed away suddenly, what safeguards do you have in place?
Thankfully, this gap can be bridged to compensate for these unknowns by taking out Keyperson Insurance on those key members of staff that are critical to your business’ success.