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Key Shareholder Insurance Wolverhampton and your Company
by
Tim Vincent
Every business will have been started due to the work of a single individual or group of people. At long last such individuals become owners and shareholders and reap the fruits of their success. Undoubtedly they should have this success. However, workers, directors and shareholders get older as the business matures and this means that they are more likely to have health problems, and eventually somebody is going to die. It is inevitable. At the same time company owners fail to plan for such scenario and leave the business wide open to a whole string of problems. This is the same as somebody not wanting to contemplate their own illness or demise. It is not the sort of situation that you want to think over.
A little thought will prove to you that a contingency plan is needed. You only have to think about the most important person in your company. This might be a shareholder, a director or a worker with specialised knowledge and skills. What would happen to your company if this person became critically ill or died? Certainly the business would not be able to carry on as usual. Without this person’s skills, work could reduce or even stop. At the same time the normal bills will still be arriving, cash flow may become less and on top of this somebody has to locate a new key employee or train up an existing one to take over the role of the deceased person.
Fortunately, the above situation doesn’t have to occur. You need to plan for the future and develop a contingency plan to put into use if the unthinkable does happen. You could make the plan yourself, but where would you begin? You have to to think about where the money is going to come from and how to avoid paying too much tax on the money when you get it. Banks and Insurance brokers can provide you with some help in the form of key person Insurance. This would certainly give you some money to get the business through the problems. Unfortunately, a number of companies in the Midlands have been caught out and ended up finding that they aren’t actually covered or aren’t covered for enough money or that they end up having to pay a huge tax bill on getting the insurance payout.
Business legislation can be a complicated thing, and as a result you really need an expert with considerable experience in devising contingency plans for companies. Banks and general insurance brokers really don’t have workers with the relevant experience. How can they devise a well thought out plan in this specialised area when they are also trying to sell a huge number of other services? Fortunately, in the Wolverhampton West Midlands area there is a business named Corporate Consultants where the senior partner has over 26 years experience of devising just such contingency plans for local companies. They implement Key Person insurance Wolverhampton as a section of the plan. This is sometimes called Key man insurance Wolverhampton or even Key worker insurance Wolverhampton. The seior partner has often had to pick up the pieces after a bank devised plan has gone totally wrong. Believe me; thisconsultant really knows what he is doing!
Another area where Corporate Consultants Wolverhampton sets the standard in providing plans to deal with problems remaining after a shareholder dies. In this case: the shareholder is insured and the money provided can be used by the remaining shareholders to buy the shares left to the family of the deceased. In a neat solution, an agreement is devised so that the family have to offer the shares and the directors must buy them. This is a win, win state of affairs. The remaining shareholders increase their ownership of the company and at the same time the family of the deceased get the money that they really need to maintain their lives. Without this plan the family would have nothing but worthless bits of paper in the form of shares and the directors wouldn’t have the cash available to buy the shares from the family.
Get your FREE consultation and a FREE analysis of your company s needs by looking at the Corporate Consultants Wolverhampton web site
Key Man Insurance Wolverhampton
. Corporate Consultants cover the whole of the West Midlands and Midlands area.
Article Source:
ArticleRich.com
