Business Protection is needed for:
Partnership share protection
Directors share protection
Key person insurance
Partnership Share Protection
Many small businesses operate as a partnership of two or more individuals.
When one partner dies, their share of the partnership passes to their estate and , technically. the partnership is dissolved.
This may not be convinient for the beneficiaries of the surviving partners.
The surviving partners are effectively in partnership with the deceased partner's heirs and they may not understand or be able to work in the business.
Thus it is recommended that the partnership has an agreement including a clause enabling a buy-out to take place.
Directors Share Protection
Many small businesses are run as small private companies, with a comparatively small number of people owning the company as shareholders and running it as directors.
When a director dies the shares will pass to the widow.
This could create a problem for the business, so this can be protected against in much the same way as Partnership agreements.
Gam is able to research the whole of the market for these schemes, not just one Bank as is often the case.
Again all advice is fee free.
