Leeds – First Choice for financial & business services

Welcome to the website of the Leeds Financial Services Initiative, a partnership organisation dedicated to supporting businesses working in the financial and professional services sector in Leeds and to assisting those looking for services or seeking to establish a presence … Continue reading

Business, Finance, Insurance

Key Man Insurance – Top four tips when aquiring a policy to protect your business

Four tips on what to look out for when purchasing Keyman Insurance

Keyman insurance isn’t as publicised as other forms of business insurance. But that’s not to say it’s not essential. If a business partner or important member of your business passes away or becomes disabled, their contribution to your company would disappear, meaning that the business could suffer a huge financial loss. Keyman insurance policies help to protect the life and ability of these people who make significant contributions to the company, and can help to protect your business from going under. However, there are a number of factors to consider when purchasing keyman insurance, many of which will depend on your budget and the particular circumstances of the business. Here are four tips on what to look out for when purchasing keyman insurance.

Firstly, take a look at this one minute guide to Key Person risk provided by the Financial Conduct Authority here >

1. Do your research and shop around

Several insurance providers offer keyman insurance policies, and it can be difficult to know which service to go offer. One way to weigh up your options is to use a price comparison website, which will list a number of different providers and their policies on one page, allowing you to compare and contrast the maximum amount of cover, what the policy covers, and how much it will cost to take out the insurance. Not only can this save you time and money, especially if you were planning on obtaining quotes from several different insurance providers, but you will be able to make an informed decision about the best company to opt for. There are also many adisery services, for example www.keymanadviser.co.uk can help you to source the best possible Key Man Insurance provider that best suits the needs ot your business.

2. Discuss keyman insurance with all your business partners

Keyman insurance pays out a financial sum to the company when an insured employee passes away, although this won’t necessarily help if an employee survives but has become disabled. Some insurance policies cover this risk, and applications are becoming increasingly popular as businesses realize that if key employees are unable to work, the company will suffer a significant economic loss. You will need to talk to your business partners about the best type of insurance in your circumstances. Remember that you all have the best interests of the company at heart and want the business to prosper if anything happens to one of you. Although it might be difficult talking about the notion of somebody passing away, especially if you have a close business relationship, an insurance policy like this can safeguard the business in the long run.

3. Determine who the “key men” are

There may be many people who are employed in your business, so you will need to ascertain who the “key” employees are, or rather the employees who make a significant contribution to the functionality or profit margin of the business. This could two or three people, or maybe more, depending on the business. You might have someone who works in sales who drives a large amount of business, someone who possess a unique skill set, or someone from your management team whose presence is vital. These people could be candidates for this type of insurance policy. You might even make the decision to take out cover for everyone on the management team or board, especially if business partners hold equal status.

4. Work out what a keyman insurance policy actually covers

This type of insurance is intended to benefit the company and not the person who is insured, so the employee’s family members will not receive a financial sum if something happens to them unless they are directly involved in the business. In the event that the employee passes away or becomes disabled, the financial sum awarded will be used to compensate for any lost income that the employee can no longer generate, and this could be used to cover the shortfall in funds until a suitable replacement is found and trained. The specifics of how much will be paid out and the process of doing so will be stipulated in the terms and conditions of the insurance policy, so make sure you understand the pros and cons of this insurance before taking it out. Remember that if an employee who is covered by keyman insurance retires from the business, the company can stop paying insurance policies or allow the employee to purchase the insurance cover and continue to make payments themselves, where it would then effectively become a disability insurance or personal life policy. Continue reading

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Taking a Fine Control of your Finances

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School of Chemistry at the University of Leeds

Choosing the right field of study is one of the most important decisions one has to take in life. When graduating from college, students who choose to engage in further studies need to decide, which degree they would like to take and which university they want matriculate at.
One field of study, which holds promising job opportunities, is a degree in chemistry. The Faculty of Mathematics and Physical Science at the University of Leeds offers both a 3-Year Bachelor (BSc) and a 4-Year (Integrated Masters). Continue reading