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Business Protection


Business Protection is about having properly structured life assurance policies to deliver money into the right hands at the correct time. A recent survey by the Irish Marketing Surveys showed that almost 70 per cent of Irish business had not arranged any form of Business Protection, to enable them or the company to afford to buy out the shares of colleagues who die, where desirable.

In addition, many small to medium size businesses are heavily dependent on the skills, experiences and business contacts of a few key employees/directors, the death of these could have devastating effects on the business. Therefore, one may need to consider putting Key Person assurance in place, i.e. life assurance on the Key Person with the benefit payable to the company. Partners in a partnership are all personally responsible for all the debts of the business. If one partner goes bankrupt or fails to pay taxes and other debts on his/her share of the business, the other partners are liable for all the taxes etc involved.

Therefore, partners should consider effecting Partnership Assurance, which is Life assurance to ensure that, on death, sufficient money will become available to enable the surviving partners to buy the shares of the deceased partner. Partnership Assurance is usually arranged with all partners agreeing that, on death, the surviving partners will purchase the deceased's partners share of the business. Life assurance is arranged on each partner's life and should any partner die, the surviving partners will receive a lump sum that can be used to buy the deceased's partners share of the business.

Business Protection Plans is a highly technical area, its critical to get Independent Financial and Taxation advice when setting up such a plan. As every business is different, therefore the policies need to be set up in the most effective and suitable way for the business.

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