Business Health Check Questionnaire

01/11/11

Most businesses have key individuals that are essential to it's survival.  Research shows that 95% of businesses had at least one key individual.  43% of businesses had unprotected corporate debt.  39% of businesses could not survive more than 18 months following the death or critical illness of a key person. A third of businesses had no Share Protection in place.  58% of businesses had no formal agreement to establish what would happen in the event of the death or critical illness of a business owner and 70% of businesses had not reviewed their company agreements in the last year.  Key Person Protection (Profit Protection) is life assurance or life assurance and critical illness cover written on the life of the key person but owned by the business.  This means that any money due becomes payable to the employer.  The business can then use the money to, for example, replace lost profit or to cover the cost of finding and hiring a replacement for the key person. In the event of a business owner dying or becoming terminally or critically ill, Share Protection can provide a sum of money to the remaining business owners.  This means that this lump sum can help enable the surviving shareholders to buy the shares from the deceased shareholder's estate, thereby maining control of the business.    To find out if your business should be considering Business Protection, please complete our Business Health Check Questionnaire and email to .(JavaScript must be enabled to view this email address)  or call 01372 844344 for further information.  Business Health Check Questionnaire.