The business
Your business is three people. Insure that.
Most businesses depend on a handful of people in ways the balance sheet never shows. Lose one to illness, injury or death and the revenue, the debt and the ownership all wobble at once. Ledger Black connects business owners with an adviser who insures the people the business cannot run without; they give the advice and confirm what they can cover.
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WHAT YOU WALK AWAY WITH
What you’ll know that most people don’t.
Name the people it can’t run without
The relationships, the skills and the revenue that would be hardest to replace, and what six months without them actually costs.
Cover, debt and ownership in one plan
Key-person protection, business debt and shareholder arrangements are one problem. Solve them together or they will fail separately.
Protect the household behind the business
The family income, the staff wages and the time it takes to recover sit behind every set of accounts. Cover them too.
Rehearse the worst month before it happens
What does the business look like three months after a key person stops? Replacement cost, lost revenue, debt servicing and overheads each need a different answer. Your adviser sizes the insurable gap against your reserves and continuity plan. Cover depends on financial evidence, underwriting and the products the adviser can access.
Bring your lawyer and accountant to the table
Insurance that funds a buyout has to match the shareholder agreement, the policy ownership and the legal structure, or it pays the wrong person at the worst time. Your lawyer and accountant handle the legal and tax detail. This is people and continuity cover; material damage, cyber and liability are separate conversations your adviser can refer you into.
STRAIGHT ANSWERS
The questions
people are afraid to ask.
Ask them here first. Then ask them again in the room.
Does this matter if I’m self-employed?
More than for anyone. When your ability to work is both the business income and the household income, one injury takes both. Your adviser can look at personal income protection and business expenses cover, subject to the product definitions, financial evidence and underwriting.
Can insurance fund a shareholder buyout?
Yes, as part of a buy-and-sell arrangement for defined events like death or disability. The funding, the ownership and the trigger events have to line up with a properly drafted agreement. Insurance advice does not replace the legal documents, the valuation or the tax advice.
How often should business cover be reviewed?
Set a rhythm with your adviser and revisit after any material change in debt, revenue, ownership or key staff. The cover you set when the business was half this size is probably wrong now. Reviewing does not mean replacing.
RUN YOUR OWN NUMBERS FIRST
Then walk in with them.
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