What We Do
Key Person Cover
A recent survey by Legal & General stated that more than half of businesses do not have Key Person (Keyman insurance) cover in place and of those businesses 52% would cease trading in under a year from the death or critical illness of a key person.*
Key Person Insurance is designed to help your business continue to trade by providing a lump sum cash benefit in the event of a key individual dying or (if the option is chosen at outset) becoming critically ill.
How you use the benefit is up to you but the most common reasons for setting a plan up are:
- To replace the profits that would be lost in the event of the key employee's demise
- The cost of replacing that individual (recruitment, salary, lead-in time etc)
- Repayment of any loan that they were responsible for in the business
The team at AWARD have been advising on business protection schemes like this for 16 years. We look at the big picture, listen to your objectives and demonstrate how a plan will work for you now and in the future.
*Source - Legal and General State of the Nation Report
Call 0203 880 7473 or click to book an appointment below.
Shareholder Protection Schemes
For Limited firms with more than one director or partnerships/ LLP's.
Share protection allows the remaining partners, shareholders or members to remain in control of the business following the death of a business owner. If there’s no share protection in place, the owner’s share in the business may be passed to their family. This means that the surviving business owners could lose control of a proportion or, in some circumstances, all of the business. The family may choose to become involved in the ongoing running of the business, or could even sell their share to a competitor. A properly written share protection arrangement can minimise the risk, as well as ensure that the business ownership is maintained and controlled by the surviving shareholders and the deceased’s family is fairly financially compensated for the value of the shares. This gives the business a better chance of a secure future.
There are several strategies for achieving a robust Shareholder Protection scheme for your firm - AWARD has extensive experience in each one so allow their highly skilled staff to talk you through the potential advantages and drawback of each before you make your decision as to which option is best for you.
Call 0203 880 7473 or click to book an appointment below.
Tax-Efficient Protection Planning
There aren't a huge amount of expenses that directors can utilise via their limited company. However protection planning can be very tax efficient.
Directors will often have schemes that they pay for personally - covering mortgage, family, income etc. However this can be hugely tax-inefficient (directors are paying out of their own net disposable income).
There are now schemes that protect in the event of death and illness that are fully allowable expenses meaning that the savings that directors can make (compared to personal plans is anything up to 60%! Schemes that fall into this category are:
- Relevant Life Schemes
- Executive Income Replacement Schemes
- Some Group Schemes
Huge savings can be made with some clever planning. At AWARD, this is a regular area of advice. Why not see how we can help your business?
Call 0203 880 7473 or click to book an appointment below.
Taxation planning is not regulated by the Financial Conduct Authority.
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Company Healthcare - PMI
Employee benefits - A key differentiator for employers looking to attract talent. Company Healthcare is a product that really makes a firm stand out from its competitors.
In a world where COVID has contributed to far bigger waiting lists for routine operations, the necessity of providing PMI for employees has never been greater.
Features of some Company Healthcare policies can be invaluable, such as:
- Dental benefits
- Optical benefits
- Counselling
Company Healthcare has the added benefit of having access to underwriting terms that personal plans do not have meaning that conditions that wouldn't be covered on a personal plan may be covered on a corporate scheme.
Call 0203 880 7473 or click to book an appointment below.
Group Schemes - Death & Illness
Employee Benefits - Death in service is a key area for many employers but Group Income Protection is becoming more prevalent in a post COVID-19 world. As an employer, you may want to pay generous sick pay but the unknown cost makes such generosity impractical. A known cost for a Group Risk package may be the solution. Employers can then be free to offer generous recuperation benefits while knowing what the bottom line cost will be. Along with PMI, sick pay is something that employees actively talk about and value in their contracts.
Call 0203 880 7473 or click to book an appointment below.