What if I cannot work?
How would the business and my family cope with my absence?
Planning for owners who are the business
When you own a company, your family’s finances and the business are tightly linked. We help you protect both and plan an exit that works.
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Owners often put every spare pound or dollar back into the business and leave their own planning until later. That leaves the family exposed if something happens to the owner, and the business exposed if something happens to a key person or partner.
We look at the business and the household together: protection, a plan for your own retirement, tax-aware pay and savings and a succession plan.
How it fits together
Each part of a plan connects to the others. Select a topic to read more.
Priorities through the life of a business
Each phase of a company brings a different planning agenda.
Start-up
Keep personal and business money separate, hold a reserve and protect income.
Growth
Formalise pay, review key-person risk and start personal retirement saving.
Established
Optimise tax, consider partner agreements and diversify beyond the business.
Preparing to exit
Value the business, plan the sale or handover and coordinate tax.
After the exit
Invest proceeds, draw income wisely and settle your legacy.
Illustration only. Your own needs will differ.
Who is this for?
- Owner-managers of private companies
- Partners who share ownership
- Self-employed professionals
- Families who run a business together
- Owners planning to sell or hand over
- Companies that depend on a few key employees
Why it matters
A business is usually the largest asset an owner has and often the only source of family income. Protecting it, and making sure its value is not lost if circumstances change, is central to protecting the family.
Questions worth asking yourself
- What would happen to the business and to my family if I could not work?
- Does a partner agreement say what happens if one of us leaves or dies?
- Which people could the business least afford to lose?
- How much of my wealth is tied up in the company?
- Am I saving for retirement outside the business?
- Who will take over, and how will they pay for it?
Go deeper
Owner income protection
Self-employed people lack employer sick pay. Personal cover can replace part of your income if you cannot work.
Buy-sell agreements
These set out how an owner’s share is bought if they die, become ill or leave, and are often funded by insurance.
Key-person cover
Provides funds to steady the business and recruit a replacement if a vital person is lost.
Pay, dividends and company savings
How you take money from the business affects tax, pension saving and personal protection.
Succession and exit
Whether the plan is a family handover, a management buy-out or an outside sale, early preparation improves the result.
Common business protection tools
| Tool | What it does | Typically used for |
|---|---|---|
| Owner income protection | Replaces part of your income if you cannot work | The self-employed and owner-managers |
| Key-person cover | Pays the business if a key person dies or is seriously ill | Companies reliant on a few individuals |
| Buy-sell agreement | Sets a pre-agreed way to buy out an owner | Partnerships and closely held companies |
| Shareholder protection | Gives surviving owners funds to purchase shares | Multiple-owner companies |
| Business loan cover | Clears company debts if an owner dies | Companies with personal guarantees |
Important to know: structures and tax treatment depend on the legal form of your business and your location. Take legal and tax advice.
Three questions behind every owner plan
Who else depends on this?
Which partners, staff and clients rely on the company continuing?
What happens next?
How will the business, and its value, pass on?
Related solutions
Life Insurance
Cover that can help your family keep its footing if your income stops.
Read more →Tax Strategies
Keeping more of what you earn and grow, within the rules.
Read more →Retirement Planning
Turning a lifetime of saving into an income you can rely on.
Read more →Legacy Planning
Making sure what you have built passes on the way you intend.
Read more →Living Benefits
Protection that responds to serious illness or disability while you are alive.
Read more →Wealth Building
Saving and investing with clear goals, sensible risk and a long-term view.
Read more →Common questions for business owners
How do I protect my income if I am self-employed?
Personal income protection and a cash reserve are the usual starting points. We tailor them to your costs and existing cover.
Do I need a buy-sell agreement?
If you share ownership, it is strongly worth considering. It removes uncertainty when an owner leaves or dies.
Can the company pay for these protections?
Sometimes, depending on the product, structure and local tax rules. We coordinate with your accountant.
How should I save for retirement as an owner?
Many owners rely on selling the business, which is risky. Regular saving outside the company adds resilience.
When should I start planning an exit?
Ideally three to five years before, although earlier planning can only help.
Important to know
The information on this page is general and educational. It is not financial, insurance, investment, tax or legal advice, and it does not take your personal circumstances into account. Product availability and eligibility depend on licensing, location and provider rules. Speak with a qualified professional before you act.
Let’s start with a conversation
A short, no-pressure call to talk through your situation and decide whether we can help.