The same problems that affect people and their
loved ones in the event of death or illness can have a similar
affect on a business. Have you asked yourself as a business
owner what financial affect the loss of a key person would
have on your business and its profitability? Have you put
plans in place as a business to be able to financially afford
to buy the shares of a shareholder in the event of their
death or them becoming seriously ill? Could your company
afford to support employees financially if they became ill
and unable to work?
Keyman Insurance:
This is an insurance plan which pays out a lump sum to the
company in the event of a key person falling seriously ill
or dying. This allows the company some financial breathing
space to replace the profit the company would lose while
this person is unable to work or to replace that key person.
Shareholder Protection:
This is an insurance plan that normally pays out a lump
sum if a shareholder dies or is critically ill. The lump
sum allows the company to purchase the shareholding of the
critically ill shareholder or his estate in the event of
death. This is normally underpinned by an agreement that
gives each party the option to exercise this right. This
is vital to a company who will want to have control on how
the business is run and who has a say in the business and
vital to a shareholder’s dependants who may not have
the knowledge or interest in having a share in the company
but financially needs the money to maintain their standard
of living.
Company Benefits for Employees:
Many companies like to offer company benefits to their employees
over and above their salary, not least to show the employees
they consider their welfare important but also this could
be the difference between keeping or losing an employee
to another company. We offer advice and recommendation on
the following benefits:
Group Stakeholder or Personal Pension
Group Life Cover
Group Critical Illness Cover
Group Income Protection
Group Private Medical Insurance
Openwork Limited offers insurance and
investment advice on products from a limited number of product
providers and advice on mortgages representative of the
whole market.
