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Unlock peace of mind with Thrive Wealth Management’s Business Protection advice. Benefit from specialised services like Key Person Insurance, compensating your business in times of key employees’ demise. Explore Partnership Protection for buyout funds or compensations and Shareholder Protection for sustained financial security and business continuity.
Key Person Insurance safeguards your business’s financial stability. It’s tailored for small to medium-sized businesses, offering protection from potential losses due to the death or extended incapacity of a vital team member. This ensures business continuity, protects profits, and provides a fixed sum in critical situations.
Key person insurance premiums may be allowed as a business expense for corporation tax, subject to criteria. Taxation decisions rest with HMRC, consultation is crucial. Policies typically have no cash value and cease at term end if premiums lapse. Tax details subject to legislation and circumstances.
Who can a Key Person be?
A key person is essential to your business’s financial health. This could include directors, partners, top salespeople, project managers, or individuals with unique skills crucial to your company’s success. Safeguard your business by protecting these invaluable contributors.
Partnership Protection offers peace of mind by ensuring business continuity in challenging times. It provides a safety net for surviving partners, facilitating smooth business operations and safeguarding against financial strains. With agreements, insurance, and trusts in place, you can protect your business interests and maintain prosperity.
Establish agreements, insurance, and trusts to shield against financial strains. Prevent automatic dissolution of the partnership and protect business interests. Access funds for buyouts, maintaining business prosperity and employee/customer confidence.
Preserving your partnership's integrity
Business partnerships are vulnerable to disruption if a colleague faces death or serious illness. Establishing a safety net secures funds for buyouts or compensation, guaranteeing seamless transitions and safeguarding the interests of the business.
Running a company demands considerable time and effort, often leaving little consideration for unforeseen events like a shareholder’s death or illness.
In the event of a shareholder’s death or specified critical illness, one of the most important things to your business is to ensure continuity. Shareholder Protection sets out the procedures and policies to help ensure that you retain control, and have the necessary funds to do so:
Safeguarding against losing shareholders
In private limited companies, losing a principal shareholder can pose significant challenges:
However, with the right Insurance Policy:
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Thrive Wealth Management Limited is registered in England & Wales no. 10308766.
Registered Office at WorkSmart, 6 Garden Place, Victoria Street, Altrincham WA14 1ET.
The information on this website is subject to the UK regulatory regime and is therefore targeted at consumers in the UK.
Thrive Wealth Management Limited is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.
Approved by The Openwork Partnership on 20/02/2025.
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