Protecting your Business

Protecting your Business

If your business lost an owner through death or major illness or you lost a key person that was critical to your business, wouldn’t it be reassuring to know you were protected financially?

Key Person Insurance

The loss of a key person can affect your business through:

  • Loss of revenue
  • Failure to meet financial obligations
  • Increased costs (such as recruitment)

All businesses should plan to reduce their key person dependency over time, but many businesses don't have this luxury. Key person protection can help you meet short-term business obligations.


Losing A Business Owner

Business owners also need a plan to ensure a co-owner's departure is as smooth as possible. A business owner could die, get sick, resign or retire - so it pays to be prepared.

Some plans to put in place may include:

  1. Buy/Sell agreements - these allow the remaining owners to purchase the departed owners shares at a pre-agreed value. Remember to review these each year.
  2. Buy/Sell funding – wherever possible the Buy/Sell agreements should be fully funded to avoid delays and avoid remaining owners being out of pocket.


We can help you look at the risks your business might face and what you can do to protect it.

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