Most of us see the acute need to protect our families against premature death or disability but often we neglect to protect our businesses against the same threats.

The death or disability of a key employee can have a major impact on a business and even threaten its very survival. Key person cover can protect a business by providing a lump sum to ensure business continuity in the absence of a key employee.

Death or serious illness of a partner or co-director can pose issues for both the family of the affected person and the surviving co-directors or partners. Unless the family of the affected director/partner wishes to take his place it can cause problems for the future operation of the firm. The ideal situation in most instances is for the surviving business partners to buy out the shareholding of the affected person, place vital funds in the hands of his family and put the ownership and control of the firm in the hands of the surviving directors/partners. However the funds may not be readily available to achieve this aim.

As part of a business succession plan, ODM Financial can establish Partnership/Co Directors Cover to provide the necessary funds to ensure a smooth transition in the unfortunate event of the death or illness of a shareholder director or partner. We will guide you through the associated legal and tax issues with this cover and of course as completely independent advisors ODM Financial can source the most competitively priced cover on the market.