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As any company director knows being in charge of the running of a business is a big responsibility, particularly one in charge of a number of employees or with other companies replying on them in a supply chain. Consider then what might happen If a director or other person essential to the business died suddenly or was diagnosed with a critical illness. Without a company director a business could be in significant trouble both financially and operationally. Having director share protection in place could be the ideal solution for a business. This type of insurance is intended to protect companies in case they lose a key person unexpectedly. Director share protection is a way to safeguard against situations in which companies may find themselves in difficulty, particularly from the financial and legal aspect of things which might take time and money to resolve. Additionally, it prevents people from having shares who may have no experience or relevant interest in the company.

Keeping Business Running

If a director of a company passes away, executives may not be able to purchase the director’s shares. As well as losing the director’s guidance and potentially risking a closure of operations, dealing with finances contributes to further problems for the company to tackle. Putting a director share protection plan in place that includes direction on what should happen in a company in the case of death or illness, could help a company out long term and ensure a healthy future regardless of what may happen to an individual. Director share protection can enable other directors of the company to purchase shares if another director dies. This means that in these circumstances, the rest of the company can maintain legal as well as financial control.

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What would you do if a key person in your business fell ill?

This may be you, or it may be a business partner. We often set up life insurance policies to protect those in our families who would be left behind in the event of our passing. But we rarely think of protecting our businesses in the same way.

The truth is that a business can suffer just as much through one of the partners or directors being diagnosed with a terminal illness. This is why it is worth looking into business protection. This policy can protect the other people who help control the business, in order that the business can continue to flourish in the future.

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