PROTECTING AGAINST THE UNEXPECTED/PROVIDING FOR RETIREMENT
When you are running a business there is so much more to think about and deal with, other than just the day to day work. You need to make sure the business is on a sound basis and that you are protected against the unexpected, and that your business has the benefits in place to attract and retain the sort of employee you require.
At Pure Financial Advice, we will discuss your needs and identify any requirements of your business may have. We can tailor a corporate financial planning package to suit your needs.
- Keyperson Insurance
- Partnership/Director Share Purchase
- Death in Service (Life Assurance) – Relevant Life Insurance
- Company Pension Plans
- Group Permanent Health Insurance (Income Protection)
- Group Private Medical Insurance Scheme
People are business assets and the loss of a key person, or a business owner, can have a devastating effect on the business in respect it could cause a financial strain and result in a loss of profits.
Key person insurance helps to meet the financial consequences arising on the death or incapacity of a key person. A life Insurance policy for an agreed sum is set up which is paid into the business on the death of the key person.
In the event of the death of a Partner or Co-Director then the remaining co-owners will have to fund the purchase of their share of the business from their estate. If there is no provision for this then the effects on a business can be devastating both for the business itself and the family members of the deceased. Indeed you could end up with a sizable share of the business owned by a family member who has no interest or ability to run the company, or who might even sell to someone else (possibly a competitor).
Partnership or Director Insurance provides a life insurance policy for an agreed sum which should be sufficient to purchase that share of the business.
This can provide the dependents of an employee who has died with both a cash lump sum normally up to 4 times the employee salary as a lump sum death benefit.
Providing for retirement is an essential requirement of any business person. Paying into a pension scheme for your employees is recognised as improving staff retention.
There are an array of pension schemes you can invest in including Group Stakeholder or Personal Pension Plans or the New NEST (National Employment Savings Trust).
Pure Financial Advice can guide you through all the pension options.
In event of illness or accident a Group Permanent Health Insurance plan can provide an income for the employee while protecting the company’s cash flow. A group Income Protection scheme can provide a regular income. When added to an employee’s State Benefit entitlement it can help to replace the salary lost as a result of the employee being too ill or disabled to work.
A Group Private Medical Insurance scheme can offer valuable benefits to your employees,. Rather than waiting for NHS treatments. Often Dental cover can be included as an additional benefit.