Business continuity and succession planning may not be high on the priority list of many businesses, however, losing a key employee could have a devastating effect financially on a business. Most business owners will recognise that key personnel are not only their biggest asset but also the biggest area of risk and this is where Radcliffe & Co can help identify and understand the risks involved.  We can also help in quantifying the impact their absence would have on the profitability of the business, your creditors, as well as your customers and potentially your competitors.

So to assist in this area of advice Radcliffe & Co can provide professional guidance on the following areas:

Business Loan Protection

This will help pay off business debts in the event of death, with critical illness cover also available, and can cover the owner, partner, directors or anyone who has stood grantor for these debts at what could be a difficult time for the business.

Key Person Protection

A type of life insurance bought by businesses to provide funds in the event of a death, or critical illness, of a key employee and can assist in providing cover for lost profit streams while replacement staff are sought.

Share Protection

A type of life insurance bought by businesses to make funds available for the purchase of shares from the estate of a deceased owner/ shareholder. Critical illness cover is also available.  This can ensure that not only is a fair value paid to the deceased’s estate but also that the remaining shareholders can retain control of their business.

Relevant Life Plans

An individual type of life insurance policy that a business can purchase to cover either company directors and/ or owners, for the benefit of their family, where they are classed as an employee of the business.