Many SME businesses in Ireland tend to be built around one or two key individuals: the founder, the sole trader, the partners, the directors. What if one of them were to pass away? Would the business survive?
Pax Financial can help you to plan for the financial implications following the death or serious illness of a key staff member, partner or director. A business protection insurance policy will pay the business a tax-free lump sum to help the company to readjust.
This is especially important when you consider how much revenue a key staff member generates for the business. We’ll help you to put a policy in place that can make all the difference in the short term while you work out how to bring in a new key employee.
You might also want to use the policy to buy the shares from the partner or family of a team member that might be left in his or her will. Buying the deceased director’s shares without any fuss can help everyone (and the business) to move on with the least upset possible.
We can also make sure that both death in service and income protection that you provide for your staff and key individuals will not lead to any benefit in kind implications for the employees.