Business Assurance

Most individuals are likely to have some form of protection on there personal liabilities however often businesses, shareholders and partners will leave themselves vulnerable to potentially significant repercussions if a key individual is suddenly absent from the business.

Business Assurance is the critical illness or life assurance cover that can be put in place to protect the business, as well as the individuals.  By implementing the appropriate measures you can ensure that, should the worst happen, funds are available and in the right hands at the right time to help secure the future of a business.

The essence of successful Business Assurance planning is that it seeks to address the risks to your business as a whole. Kingfurness will analyse and if appropriate advise you on suitable arrangements to protect the future of the business or partnership should the worst happen.

Key Person Income Protection

This form of Income Protection will provide the policyholder with a monthly benefit after a deferred period should the life assured become unable to work due to accident or sickness.  The benefit will then be used to either fund a replacement employee or to help cover the loss of profits.  This form of protection will be based on two definitions of incapacity, 'Own Occupation' or 'Any Occupation'.

Executive Income Protection

Executive Income Protection will provide the policyholder a monthly benefit amount after an agreed deferred period should the life assured become unable to work and therefore suffer loss of earnings due to accident or sickness.  Such a policy will allow you to insure the income of valued employees.  The benefit provided must be used to help pay replacement income to the employee while they're off work and will be paid through the PAYE (Pay As You Earn) system.  Such payments will be used to fund National Insurance Contributions, P11D benefits, Pension Contributions, etc:

This benefit will be classified into 1 of 3 definitions, namely 'Own Occupation', 'Any Occupation' and 'Activities of Daily work'.

If you would like to discuss the suitability and validity for your organisation then please contact us.

The Articles of Association

It is imperative that a company has an agreement in place to cover any future legal dispute between shareholders.

A company must be registered with the Registrar of companies and the 'Memorandum of Association' and 'Articles of Association' govern its conduct. The 'Memorandum of Association' is concerned with external matters such as the company name, address and objectives. The 'Articles of Association' deals with internal matters, which should include provision for disposing of shares of a director who dies, becomes too ill to continue or retires.

Kingfurness work alongside a number of legal professionals and can assist your business to ensure that you are not left exposed to any future legal disputes.  If you require any further assistance on this matter then please do not hesitate to contact us and we will be happy to discuss this further.