Your Business. Protecting your Business

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2 Protecting your Business Your Business No matter what business sector you operate in, your company s ongoing success and development will often hinge on a number of leading individuals, be they Key Personnel, Directors or Partners. Without them, the future and sustainability of the business could be in jeopardy. Just think about the value of some of the leading personnel in an organisation For example: A Sales Director will have strong ties and relationships with key clients and a Finance Director undoubtedly has a keen link to their suppliers and bank. The Partner of a firm owns a share of the business and contributes to its ongoing development What would happen? We all know that business life is full of unexpected events. But what would happen to your organisation if you were to suddenly lose one of your key personnel through their premature death? It s not a thought anyone likes to dwell on, but the unfortunate reality is that it happens all the time. For example, in a firm with four partners the probability of at least one partner dying before age 65 is 66%.* *Life Insurance Association

3 Protecting your Business... The death of a Keyperson, Partner or Director is undoubtedly a highly emotional and upsetting time. Unfortunately it also has farreaching financial effects, potentially leading to reduced revenue and even the ultimate failure of your business. Have you thought of: How the business would survive without their skills, contacts and experience? How you would pay your company bills, how you would afford to hire a replacement, and how you would pay outstanding bank loans? Have you considered: How you would access the cash to buy a deceased partner s or director s share of the business? The possibility of their shares being sold to an outside investor who does not agree with your vision of the firm s future? How it would financially effect the family of a deceased Partner or Director? The Caledonian Life solution: There is a simple solution to all of these questions taking out a Business assurance policy with Caledonian Life. The ultimate aim of a Business assurance policy is to allow you to put the structures, processes and monetary agreements in place NOW, to immediately protect your business financially in the face of a premature death of a leading figure in your organisation. Most importantly, by having had a policy in place, you have a cash sum available to deal with the adverse business scenarios caused by the death of a colleague. Whilst it will not lessen the personal and emotional blow, taking out a Business assurance policy with Caledonian Life can limit the financial damage and disruption caused by such an event.

4 Protecting your Business Whatever the structure of your business Caledonian Life has a plan to suit your unique requirements. The main areas of Business assurance cover are Keyperson insurance, Co-Directors insurance, and Partnership insurance Keyperson insurance Co-Directors insurance Keyperson insurance is designed to help companies protect themselves financially against the effects of the premature and unexpected death of a key member of staff, for example a Sales, Finance or HR manager. With Keyperson cover, following the death of a leading member of staff a cash sum is paid out to the company to help cover the business costs caused by their death. For example, to: Hire a replacement Replace the loss of income to the company Repay loans Cover should be put in place for those employees with specialised skills or someone the company depends on for its continued success and whose death would adversely effect the business. Very often, when a shareholder dies the remaining shareholders have to source a large sum of money to buy the deceased s share of the business. By having business insurance in place, the funds are immediately available to the other shareholders to purchase the deceased Directors shareholding. This also ensures the deceased s estate will immediately receive the market value of the Director s shareholding. This arrangement ensures that the shares do not have to be sold to an outsider at an inappropriate time and that ongoing control of the company can be decided upon before the death of any of the shareholders.

5 Partnership insurance Why choose Caledonian Life? In apartnership, the death of any of the firm s Partners can have serious financial repercussions for both the firm itself and the deceased Partner s family. Partnership insurance allows the Partners to decide and plan beforehand what they would do in the event of any of their deaths, and to place a monetary value on their share of the Partnership. Having cover in place allows the Partners in the firm to have a lump sum of money available to ensure the continuation of the firm. This option also ensures that the deceased s estate can immediately receive the market value of the Partners share of the firm. The Caledonian brand in different guises has been meeting the needs of its customers in Ireland since Whilst we re extremely proud of our heritage, Caledonian Life is very much a company for the 21st century. Backed by significant financial security, we re committed to providing market leading products and superior service to our Financial Broker partners and their clients. As a mutual company we have no shareholders to support, so we can focus on you our policyholders. Caledonian Life also offer a number of options that you can choose to add to your policy including convertible term and indexation. So, by dealing with Caledonian Life you can rest assured that you and your business are comprehensively protected. For more detailed information on Keyperson insurance, Co-directors insurance, and Partnership Insurance please ask your Financial Broker for Caledonian Life s brochures on each individual area. You should always consult with an appropriately qualified professional before deciding on the option most suitable for you and your businesses circumstances. The Royal London Mutual Insurance Society Limited, trading as Caledonian Life, is authorised by the Prudential Regulation Authority in the United Kingdom and is regulated by the Central Bank of Ireland for conduct of business rules. This brochure is based on Caledonian Life s understanding of current legislation and Revenue practice.

6 Caledonian Life Protecting you and your world Operating in Ireland for over 180 years and building on the foundations of Caledonian Insurance Company and Guardian Life, Caledonian Life was launched in January 2001 as a new force in financial services. Caledonian Life policies are only sold through Financial Brokers financial advisers who are authorised by the Central Bank of Ireland. Caledonian Life is dedicated to providing some of the market's most competitive and comprehensive Protection products. Caledonian Life is a division of the Royal London Group, the largest mutual life and pensions company in the UK with Group funds under management of approximately 80 billion. Group businesses serve around 5.5 million customers and employ 3,200 people.* Please visit for more details. *Funds under management as of 01/08/2013 Financial Broker Stamp We'd be delighted to get your feedback on the content and clarity of this booklet, simply contact your Financial Broker or The Royal London Mutual Insurance Society Limited, trading as Caledonian Life, is authorised by the Prudential Regulation Authority in the United Kingdom and is regulated by the Central Bank of Ireland for conduct of business rules. The Royal London Mutual Insurance Society Limited is registered in England and Wales, number Registered Office: 55 Gracechurch Street, London EC3V 0RL, United Kingdom. Address in Ireland: 47 St. Stephen s Green, Dublin 2. Dublin Caledonian Life Caledonian House 47 St. Stephen s Green Dublin 2 Ireland tel: +353 (0) fax: +353 (0) freephone: August 2013 CL0648.3

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