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The most important asset of any business is the workforce! The success and sustainability of a business may depend upon the contribution made by a small number of “key” people. It may well be the directors or partners themselves who are key to the success of the business. The death, disability or long-term illness of any of them could threaten the profitability of or even the very existence of the business. We therefore feel it is imperative that these individuals and consequently the business are protected. The business can protect itself by taking out suitable Key Person policies on these individuals, covering death, critical illness and/or long-term illness. It is also important to take into consideration the tax implications of the setting up of business protection particular with regard to Inheritance Tax and Capital Gains Tax.
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