Putting the right insurance in place will help to ensure the well-being of your staff – and your business – should the worst happen. Getting protection for senior staff, shareholders and company income can be a simple and cost-effective process. Professional advice from our advisers will help you secure the right policies for your company, whatever the size.


Key Person Protection

It is not all about money, we know, but the loss of a key employee could have a significant financial effect on your company. Key person insurance is designed to protect your business against the death or long-term absence of an integral employee.

If the success of your business hinges on one or two individuals; their ability to generate income, or their specialist skills, then your business is going to suffer without them. If you have a protection policy in place, you will receive a lump sum that will help cover lost revenue and which can also be used towards the cost of recruiting and training a replacement.


Group Life Assurance

This type of arrangement is owned by the business but covers the employees. It will payout in the event that a member dies whilst an employee, though not necessarily at work. Group schemes can prove more cost-effective than offering individual life insurance policies and are also very flexible, with the possibility of covering a number of employees at different levels under one plan (with different categories of cover for e.g. office staff or senior management). Benefits can be calculated as a fixed amount or a multiple of salary.

Should you need to make a claim, the business will receive a tax-free lump sum to be paid to the bereaved family or dependants, which will help them to cover any financial hardships at an extremely difficult time.


Share Protection

The death of a respected colleague as shareholder or part-owner of a company can be devastating, and the time afterwards should not be filled with concern over the security of your business.

With shareholder protection insurance in place, you will know exactly what will happen should a stakeholder pass away. Upon death, a stakeholder’s shares may pass to a family member who may not share the same values and goals for your business: a change in control could seriously jeopardise the success of your business. However, the lump sum payment to the business provides the capital to immediately purchase the shares so the business can continue as usual, as quickly as possible.

We can help you assess your circumstances and take into account your preferences in order to find the right policy that will maintain the stability of your business.


Group Income Protection

Group income protection enables employers to continue to pay an income to any employee if they are unable to work due to sickness or long-term illness for a prolonged period of time. This is an invaluable benefit for employees, helping to retain high-calibre staff, and also mitigates the impact of absent staff on the business, as it can support a more gradual return to work.

Such schemes can prove more cost-effective than offering individual life insurance policies. They are also very flexible, with the possibility of covering a number of employees at different levels under one plan. Claims are usually paid out by the employer via payroll.

With group income protection, you can give your employees the peace of mind that their outgoings are covered whilst they focus on recovery and give them the support they need during an emotional and financially difficult time.

We can help you prepare for the unexpected.

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© 2022

Macbeth Scott & Co Limited is authorised and regulated by the Financial Conduct Authority (FRN 303928). Registered in England and Wales Company No. 01058241 at 3 New Road, Kendal, Cumbria, LA9 4AY.

You can find Macbeth Scott & Co Limited on the FCA register at https://register.fca.org.uk/


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