Key Person Protection
Losing a key person in a business can have severe consequences, affecting profits, sales, and incurring recruitment and training expenses. Key Person Insurance is a valuable solution to mitigate the financial impact of such events.
This insurance plan is typically owned and paid for by the business itself, ensuring that if a key person passes away or faces serious illness, the business receives the payout. This financial support can help the business navigate through difficult times and continue its operations smoothly.
At Austin Friars, we understand the importance of safeguarding your business's stability. Our Key Person Insurance options are tailored to suit your business's specific needs, providing you with the reassurance that your business is protected should the unexpected occur.
By securing Key Person Insurance, you can proactively protect your business's financial future, ensuring that the loss of a key individual doesn't lead to substantial financial setbacks.
Additionally, we recognize the significance of cross option agreements in protecting the continuity and stability of your business. A cross option agreement is a legally binding arrangement that allows the surviving shareholders or business owners to have the option to buy the shares of a deceased shareholder, while the estate of the deceased shareholder has the option to sell those shares.
Cross option agreements, when used in conjunction with life insurance policies, facilitate a smooth and efficient transfer of ownership in the event of the death of a shareholder. By having a well-crafted cross option agreement in place, you can ensure that the ownership of the business remains within the hands of the remaining shareholders or business owners, maintaining control and stability.
Austin Friars can guide you through the process of establishing a cross option agreement, ensuring that your business is well-prepared for any unforeseen circumstances. Safeguard your business's future and shareholders' interests with a comprehensive business protection plan, including Key Person Insurance and cross option agreements.