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Business

Protection

Safeguarding the future of your business.

The long-term sustainability of any business is dependent on having the correct fail-safes in place to protect against the death or incapacitation of key personnel.  However, this crucial protection is often overlooked, resulting in the irreversible damage/demise of the Company. 

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ViiSana specialises in the providing advice on protection in three key areas: 

1.    Shareholder / partnership cover. In the event a business owner dies or is incapacitated, their shares will normally pass to their estate. If this happens, it is normal to expect the remaining shareholders to purchase the deceased’s shares in order to retain control of the business. In many cases, the business will not have the necessary capital to do this. 

ViiSana’s Business Protection experts will advise on the sum assured required and optimal set-up of the cover needed to ensure that the business can continue, the deceased’s estate receives the financial value of the shares and the remaining shareholders retain control. 

2.    Key Person Cover. It is normal that a significant part of a business’s revenue and/or profit is attributable to a small number of key personnel. In the event one or more of these people can no longer contribute through death, injury, or illness – the financial impact can be serious. 

A Key Person Cover policy can help to mitigate the financial loss suffered by providing a lump sum to replace the lost revenue or profit. 

3.    Loan Protection. Lenders can sometimes demand the full repayment of loans in the event of the death or incapacitation of a business owner, causing difficulty in paying the sum back. Implementing loan protection cover, means a lump sum will be paid to cover the loan amount. 

To discuss any or all of the above solution, contact us to arrange a conversation with one of our Business Protection experts.