Being an owner or director of a company is very onerous and invariably you will find that the owner / director puts the needs of their employees, customers, suppliers and pretty much everybody else before their own.
Most directors would not dream of trading without arranging insurance cover on their assets (Premises, Machines, stock, etc) or arranging Employers or Public Liability yet most will trade without arranging cover in respect of themselves.
We list below 3 policies which every owner and/or director should consider:
An income protection policy pays a benefit to the policyholder if they are unable to work due to accident, injury or sickness.
The benefit is paid after a number of weeks and lasts until the selected retirement date or until the policyholder returns to work whichever happens first.
In the event of being injured at work most owners will struggle to have an employers liability claim paid through the courts given they are highly likely to be the one who was in control of health and safety within the business.
Income Protection provides a guaranteed income for the owner / director of the company should they become unable to work due to any accident, injury or sickness whether work related or not.
Directors and Officers Liability
This policy provides cover to defend actions taken personally against Directors by numerous parties including the likes of Regulatory Authorities, Shareholders, Customers and even competitors.
Take for example the recent implementation of the new Companies Act 2014, which places greater responsibility on directors of companies and also provides a large range of enforcements that can be taken for breach of the Act.
This legislation permits that the directors can be sued personally as they can no longer hide behind the limited status of the company.
A Directors and Officers policy provides protection for the directors and officers of the company should they be sued personally.
Should a keyperson within the business get ill or die how would the company survive ? They may have to hire somebody temporarily to run the company or they may have to “headhunt” an individual and pay them a sum of money over and above what they are currently paying to replace the individual who has died or is incapacitated.
A Keyperson Life and Serious Illness policy can be taken out by the company on certain key individuals. The benefits are paid to the company who can then use it as they see fit. ( e.g. pay the costs of temporary staff or fund increased salary of new staff, etc.)
Should you wish to discuss any of the above in greater detail please have no hesitation in contacting us on (01) 890 2277.