There are important corporate insurance options, specifically keyperson insurance and shareholder protection, which you should be investing in.
When investing your capital is at risk
For most businesses, insurance is an ugly word. In the best-case scenario, you pay a lot of money annually and never make a claim. It can seem like a waste of funds.
Of course, running a business is a risky endeavour, there are hundreds of unforeseen events which can leave your business vulnerable. This includes lawsuits, accidents in the workplace, and even damage from extreme weather. Corporate insurance ensures you have financial protection if any of these events happen, allowing the business to keep trading.
The realm of corporate insurance is complicated, there are many factors which need to be considered. Alongside potential risks, you need to allow for the business goals. Here at Lynas Vokes, we understand the insurance options available and can provide you with independent financial advice to ensure you get the corporate insurance you need.
Corporate insurance is about more than just the specific risk. Every issue your business faces will have a knock-on effect. To keep the business running and manage your long-term goals, you need to keep your eye on the bigger picture.
We can help you understand how all the elements are interlinked and how effective financial planning can help protect your business while lowering your corporate insurance bill. Of course, we’ll also help you find the most suitable deal for your unique business.
Every business has employees who are critical to the success of the business. Anyone whose absence would cause a loss of trust from customers and suppliers/partners can be considered critical. Their absence would likely cause the business to lose customers, a competitive edge, and potentially your market share.
Keyholder insurance is taken out by the business and the policy pays the business if the specified key person dies or is critically ill, (depending on the level of cover you took). In short, it can help the business fill the financial hole which occurs when a key person is no longer available and keep your business running.
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Shareholder protection is another insurance to protect your company in the long term. It’s taken out by the shareholders of the business. If a shareholder dies, the shareholder protection insurance policy will pay out to the other shareholders. The aim is to give the remaining shareholders the necessary funds to buy the deceased person’s shares from their estate. It should be noted that there needs to be a clause in the business agreement to ensure this option can be carried out without the estate's permission.
The aim is to protect the longevity and reputation of the business. If the deceased shares pass to a relative who has no interest in the business it can cause tension in the boardroom and may damage the company's reputation, encourage clients to go elsewhere, and cause a fall in profits.
Frequently asked questions
Understandably, you have questions. The following are the most frequently asked, however, if you don’t find your question and the answer here, don’t hesitate to contact us. We can help you with any query, no matter how big or small.
Yes. Under UK law you need employers’ liability cover. The rest is optional but advisable. After all, there are so many variables that you can’t control, insurance policies, like keyperson, can help your business continue trading.
You can shop around on the web for the cheapest corporate insurance deal. However, to get the most suitable deal you first need to understand what cover you really need. Lynas Vokes can help you with this.
We’ll reassess your situation with you before every insurance renewal. This will ensure the policies are still relevant and you’re getting the best possible deal. If you have any concerns with any of the policies while they are operational we can offer an additional review.
The main types of corporate insurance are liability, property, auto, and business interruption. The ones you should be thinking about are keyholder and shareholder protection. Let us help you with these.
The answer to this is unique for each customer. We’ll help you identify which types of insurance you need and when it’s beneficial to combine the policies. It’s almost always possible but not always beneficial.
We have been working in business and individual finance for over 30 years. Our team is highly qualified and experienced. Most importantly, we create individual solutions as no two businesses are alike.
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At Lynas Vokes, we offer a wide range of services to help you at every stage of your life’s journey. Click on the links below to view our recommended services or view our Services menu for our full range.
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Every business needs to create a financial plan. Of course, creating an accurate plan is complicated but we can help you simplify the process.
Corporate insurance is a complex minefield. Not enough, or too much, protection can cost your business dearly. It’s essential to have a plan. That’s where our specialist team can help. The team at Lynas Vokes has decades of experience. We can guide you through the minefield and create a personalised solution.
All you have to do is contact us today and let us help your business. We’re here for your corporate insurance needs, financial planning, pensions, and even your life and health insurance.
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