It goes without saying that companies and LLPs (from small to large) all require specialist financial planning advice.
Too many companies ignore this aspect of their business, risking their business’ future to chance in the process!
All too often we see businesses insuring the very obvious things like their premises and the office contents or their vehicles, plant and machinery – but they often forget to insure probably the most important aspect of all – the business owners, business producers and the employees.
Expertise is needed to plan around the many issues involved (including corporate tax requirements and reporting) and any implications that may arise.
Most companies will have specialist needs including:
- Business protection and partnership asset protection (for self-employed practices) – such as mortgage, bank loan and debt protection. This also includes “share protection” insurance cover which deals with protecting the families and co-owners in the event of the death of one of the partners / directors.
- “Key person” protection – to safeguard against the loss of key individuals and business producers within a firm. It is used to inject a lump sum of cash into the business in the event of the loss of a 'key person'. A key person may be a top salesman, or a key designer in a design company for example – effectively anyone whose death or prolonged illness would have a direct and adverse effect on the business turnover/income.
- Employee Benefit Schemes – such as group life and critical illness insurance schemes and group private medical insurance schemes
Please contact us on 01245 265 881 to discuss these matters further and to arrange a full business planning strategy review.
