If a business owner dies or suffers a terminal illness, their share of the business usually passes to their beneficiaries. To regain control of that share, surviving business owners may need to buy that individual’s part of the business. Many businesses don’t have the money to do this, and it can be costly to borrow.
With Shareholder Protection, you will be paid a lump-sum in order to cover the cost of purchasing those shares.
If a business owner dies with no share protection in place, their share in the business may be inherited by their family. This could potentially lead to the surviving business owners losing control of a portion or even the entirety of the business. The family members may decide to become involved in the ongoing operations of the business, or they may opt to sell their share to a competitor.
For more information about Shareholder Protection Cover, speak to one of our expert advisers on 0800 211 8700. Alternatively, fill in our online enquiry form below.
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