SPHERE BUSINESS SOLUTIONS
Protection For SMEs and M&A
EXPLORE OUR BUSINESS SOLUTIONS
STRATEGIC PROTECTION FOR YOUR BUSINESS
Providing tailored insurance solutions designed to safeguard your business and its key people. From protecting vital individuals and shareholders to securing business loans and offering tax-efficient employee benefits, our expert guidance ensures long-term stability and peace of mind.
BUSINESS SOLUTIONS
KEY PERSON INSURANCE
Key Person Insurance is a policy designed for safeguarding a business in the event of the loss of a ‘key’ individual due to death or critical illness.
With a key player out, can your business successfully continue to operate as normal? In most circumstances, a business has strong ties to certain team members and with Key Person insurance in place, a business can weather this transition with the input of added financial security from an injection of capital into the business. This addition of capital can be used to offset any lost revenue, help fund the search for a suitable replacement, and alleviate financial strain, allowing the business to make strategic decisions on the future.
WHY ITS SO IMPORTANT
This coverage is specifically aimed at individuals whose knowledge, skills, or leadership are crucial to the business’s success, such as owners, executives, or highly specialised employees.
The importance of Key Person Insurance for businesses lies in several key areas:
- Loss of revenue and profit
- Maintaining confidence of clients, suppliers, and investors
- Costs for covering temporary or permanent recruitment
SHAREHOLDER PROTECTION
Shareholder Protection is designed to provide financial security and stability in the event of a business owner’s death. With this type of protection in place, businesses can rest assured that the control of the company resides with the remaining company shareholders during periods of transition and financial uncertainty.
Without a shareholder protection agreement in place, the deceased’s shares will typically pass down to their family, potentially leading to the surviving shareholders losing control of the business. Furthermore, the deceased’s family may wish to become involved in the day-to-day running of the business but often lack the necessary skills and experience to effectively fulfil the required role.
Additionally, there’s also the risk that the shares could be sold on to a competitor. By properly structuring a shareholder protection arrangement, businesses can mitigate such risks and ensure to maintain it’s future security.
RELEVANT LIFE INSURANCE
Relevant Life Insurance is a type of life insurance policy that companies can provide to their directors and key employees, offering a death-in-service benefit outside of a registered group life scheme.
This type of cover is considered tax-deductible, with the policy paying out a tax-free lump sum to the employee’s beneficiaries if they pass away while employed by the company. While a Key Person policy is designed to mitigate losses for the business, Relevant Life Insurance works for the individual, protecting the employee’s estate with a tax-free lump sum in the event of their death.
Demonstrating a business’ commitment to the welfare of its employees and their families, Relevant Life Insurance can make a business more attractive to potential employees and help retain current staff.
LOAN PROTECTION
The loss of a person who has guaranteed a loan can have a significantly negative impact a business or the owner’s personal finances. In such circumstances, having Loan Protection in place provides the necessary funding to enable a business to repay any commercial mortgages, overdrafts, or loans. Put simply, the implementation of Loan Protection into a business, acts to ensure the financial security of a business through these difficult transition periods.
READY TO PROTECT YOUR BUSINESS?
OUR SPHERE OF SERVICES
Our innovative and in-depth approach is encapsulated in our market leading ‘Sphere’ of services. With extensive experience in risk management across diverse client profiles, we are well-versed in facilitating cover for businesses of any size and industry.
Our expertise and services are also built to cater towards professional sports players, media personalities along with complex and high-net-worth private clients.
SME SPHERE
Insurance Coverage for Small & Medium-sized Enterprises'
M&A SPHERE
Insurance Coverage to Protect Human Capital
PRIVATE CLIENT SPHERE
Ensuring Future Stability
SPORTS & MEDIA SPHERE
Bespoke Protection to Suit Unique Lifestyles
RECRUITMENT SPHERE
Protecting Your Agency
GET IN TOUCH
PROTECTION CAN GO BEYOND INSURANCE
For more information on how we can help secure your future protection, get in touch with our team of insurance specialists today.
E: info@sphereassured.com
T: +44 (0)20 3468 0001