Far too many companies throughout the UK do not have a key man insurance policy in place. These companies leave themselves totally open if something happens to one of their key workers. Many companies that go bankrupt or cease trading are down to losing an important person within the company either through death or critical illness. Although a company can have lots of people employed sometimes there are just those people who are more valuable than others. Employers are always quick to insure all their important equipment, machinery or company cars for example. But forget to insure the main cogs within the wheel, the people.
With any kind of business protection the company pays the premiums on monthly or annual bases from the company bank account. The premiums are tax deductible as they are seen as a business cost. Any claim or benefit paid out as a result of a claim is also paid to the company. Key man insurance tax treatment varies a lot between different companies and we would always suggest you speak to a tax expert before taking out a policy.
So Why risk it? protect your business today and get a quote for key man insurance. You can speak to one of our qualified advisors or fill in your details in quote form. If you would like to read more on business protection and the latest news make sure you check out our blog.
Information regards to taxation levels and basis of reliefs are dependent on current legislation. Individual circumstances are not guaranteed and may be subject to change. The Financial Conduct Authority do not regulate trusts.