Reviewing your wage bill’s cost-effectiveness, whether during performance reviews or when hiring new staff, can benefit both the company and the employee. Several products offer perceived benefits to employees that outweigh the costs, such as:

Key person policies provide insurance coverage for companies in case of the unexpected loss of key team members due to death or illness. It’s important to consider the potential cost of employees who are difficult to replace, such as those with unique technical skills or exceptional sales records.

A key person policy can help mitigate these costs and provide financial protection for your business.

The death of a shareholder or director in a limited company can create financial difficulties for the business.

To prevent complications, many companies have provisions in their deeds or articles of association that offer the deceased’s share for purchase to other directors and/or shareholders. This ensures the share doesn’t pass on to their estate and disrupt the business further.

In such cases, life assurance policies can be arranged for shareholders and directors. Through careful planning, these policies may provide a lump sum payout to the company, which can be used to “buy out” the deceased. Other shareholder protection options can also cover director’s loan accounts, safeguarding the company’s liability.

There are various life assurance and shareholder protection options available.