A Guide To Key Ownership Protection Cover
The death of a shareholder can cause huge disruption to a company, not to mention the family of the deceased.
Many business owners don’t know what will happen to their shares if they died, or don’t think about it. While instinct tells many that their co-directors will ‘inherit the shares’ and their families will be compensated, the reality is that this isn’t automatically the case and very few businesses have the financial provisions to ‘buy the shares’.
Ownership or ‘shareholder protection’ can be of huge peace of mind for business owners and their families..
At Purely Business Protection, we work with business owners to look at the set up of the business, clarify what would happen ‘if they do nothing’ and offer the options to ensure that families of the deceased are looked after and the business can continue to flourish in the hands of the co-directors.
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Following on from an eye opening discussion with Duncan Hodgson of Purely Business Protection we decided it would be prudent to get some key man insurance in place for our manufacturing firm. Sadly two years later we lost our Co-Director to illness but the cover put in place by Duncan ensured that the business could continue as would have been his wish.
So glad we took the time to discuss this with Purley, if we hadn't we would have had to deal with a huge headache at an already very difficult time.
Highly recommended.
Steve Blakeworth YT Manufacturing - March 23
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Purely Business Protection was developed from our parent company Purely Financial Planning, a specialist mortgage and protection advisors, our companies are built on the foundation of an intimate personal service, no corporate stuffiness and we welcome you to pick up the phone to us to learn more.
T: 01932 627999 M: 01932 627999