Business Protection
Key Person Insurance
Previously called Key Man Insurance (I think they've realised that women are pretty important too), Key person insurance is a life insurance policy designed to protect the loss of a key employee and the potential upheaval this would cause your business.
Maybe you employ someone who would be time consuming or expensive to replace? If so, why not insure them? The cost is usually a tax deductible business expense.
Shareholder Protection
If you run a business with other shareholders, should they pass away, can you afford to buy their shares? If not, their shares are usually passed to their estate or surviving spouse. You could end up with a business partner that you never signed up for!
A Shareholder Protection policy is designed to give you a lump sum, enabling you to purchase back their shares. When teamed with a cross option agreement, it ensures that the shares must be sold/purchased (if pursued by either party)
Income Protection
Most people insure their cars, their travel, their mobile phones even, but probably not the most valuable thing of all; their income!
Income protection is a relatively simply policy designed to replace a portion of your income if you're too ill to work. It can help pay the bills until you're well enough to return to work, or until your retirement if you're poorly long term.
You can take out a policy for your yourself, or offer it as part of an employee's remuneration package.
