Regardless of the size of your business, your people are one of your most important assets. Protect your business should the worst happen. Broadstone are committed to helping companies safeguard their success by insuring their key people.
Business Protection Insurance
Key Person Insurance
Key Person Insurance protects a business against the loss of someone key to their business.
A Key Person can be anyone whose loss through death or serious illness might result in a significant loss of income for the business, such as the company’s most successful salesperson, or the person who manages the company’s most critical client relationships for example.
A lump sum payable to the company on death or earlier critical illness will help cushion any financial blow to the business by replacing loss of profits or paying off debts and giving the business breathing space to adjust, recruit or restructure as needed.
Shareholder / Partnership Protection
Shareholder Protection insurance is designed to provide the funds necessary for partners, directors, or shareholders of a company to purchase the shares of a deceased or critically ill stakeholder’s share of the business, ensuring their family receives the full value of their share without the business having to take on new debt or raise additional financing to achieve this.
Without a protection policy in place the business may not have the funds available to purchase these shares, leaving both the family and the business facing an uncertain future.
Business Loan Protection
Business owners will often take out loans to fund the creation, development, and growth of their business.
Loan protection provides a lump sum, payable in the event of serious illness or death of a critical person. This lump sum can be used to settle outstanding liabilities such as personal guarantees, or business financing raised through venture capital or private equity.
Should a claim arise, benefits can be paid to the policyholder or directly to the lender concerned.
