Business Finance

Business Insurance and Protection Products

Insurances can be put in place to secure business succession in the event of a critical illness or the death of a key person or persons. Such insurance is relevant to Sole Traders, Partnerships, and Limited Companies

When considering any business protection arrangements, the following issues need to be considered:

• Drawing up the appropriate legal agreements. Most insurance companies we deal with have specially designed draft business trust forms for completion. They often have advice help desks too.
• Equalising the costs on life cover. The oldest person (or one in poor health) may demand the highest premium yet have the lowest probability of benefiting from the arrangement. To offset this, the business owner(s) may agree to vary areas such as the profits, salaries or drawings that they take out of the business.
• Critical illness insurance may also be required, because a business owner may not be able to continue to run the business after becoming ill.
• Any agreement also has to take account of when a business owner intends to retire.
• Business protection insurance should be reviewed on a regular basis as circumstances change e.g. the value of the business or new commercial loan arrangements.
• Please note that the tax position on the various parts of the arrangement need to be approached with care – especially on the disposal of any shares.

As well as helping clients in these important areas Xba Finance are able to provide many types of support for employees.

This support can include mortgage advice, life and private medical insurance, income protection insurance, health plans and critical illness cover to name a few.

As your ‘Business Finance Health Consultant’ let us help you to make the best possible decisions for you, your employees and your company.

If you want to know more about how we can help just call us on

02920 842 111

or e-mail your enquiry to us at

info@xbafinance.co.uk

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NOT ALL FINANCE ADVISORY COMPANIES ARE THE SAME
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