Business Protection Chesterfield: Castle Stonebridge Financial Planning, we work closely with businesses across Chesterfield to ensure their protection policies are not only in place—but fit for purpose. In this case study, we explain how we helped a local professional services company review and improve their business protection insurance policies, uncovering serious gaps that could have left the company vulnerable.
This case is a prime example of why Business Protection Chesterfield should never be treated as a tick-box exercise. With the right advice, business owners can protect their interests, support their team, and ensure financial resilience in times of need.
Business Protection Chesterfield: Ensuring a Growing Professional Services Firm is Protected.
Our client is a well-established professional services business based in Chesterfield, employing a team of people and led by two co-founding directors. The firm had grown steadily over several years and had taken steps early on to arrange business protection policies.
However, the directors had become increasingly concerned about whether their arrangements were still suitable—especially in light of the company’s growth and changing risk profile. That’s when they approached Castle Stonebridge for a full review.
Our Process: A Full Business Protection Review
As experts in Business Protection Chesterfield, our first step was to conduct a comprehensive review of the firm’s existing insurance policies. This included:
- Key Person Insurance
- Shareholder Protection
- Relevant Life Policies
- Group Protection Options
What we found was worrying. Although policies were in place, the structure, beneficiaries, and levels of cover were no longer appropriate. In fact, some of the policies may not have paid out in the event of a claim due to outdated information and incorrect ownership.
The Issues We Identified
The most urgent issue was with the directors’ shareholder protection and key person insurance. The policies had been set up when the business was much smaller, and the sum assured was now well below what would be required to ensure continuity of the business if one of the directors were to become critically ill or die unexpectedly.
Even more concerning was the fact that the ownership of the policies was incorrect. One director had a policy in their personal name, rather than through a business trust. This would have caused tax complications and potentially delayed or invalidated a payout.
In short, the business believed it had protection—but in reality, it was exposed. It was clear that professional guidance was needed to bring their arrangements up to date and aligned with best practice in Business Protection Chesterfield.
Our Recommendations and Implementation
We worked closely with both directors to understand their business goals, their roles, and their intentions for the future of the company. This insight allowed us to design a comprehensive business protection strategy that covered:
1. Updated Shareholder Protection
We arranged cross-option agreements and set up new shareholder protection policies written into trust. This meant that if either director were to pass away, the surviving director would receive a lump sum to purchase the deceased’s share of the business—ensuring business continuity and protecting the deceased’s family.
2. Key Person Insurance
We helped the company implement correctly structured key person insurance to cover the financial impact of losing a key individual. This was essential given that each director played a vital role in the ongoing success of the business.
3. Relevant Life Policies for Staff
As part of a wider review of employee benefits, we recommended and arranged relevant life insurance policies for several team members. These policies are tax-efficient and provided a valuable benefit to staff, helping with recruitment and retention. As experts in Business Protection Chesterfield, we often advise that these policies are an excellent alternative to traditional group life schemes—especially for SMEs.
4. Regular Review Process
We also agreed to review the business’s protection strategy annually to ensure it continues to meet the company’s needs as it evolves. Business Protection Chesterfield is not a one-time activity—it must adapt with your business.
The Outcome
The directors now have complete peace of mind knowing that their business protection is structured correctly, tax-efficient, and tailored to their needs. Their employees also benefit from life cover that not only protects their families but enhances the company’s benefits package.
The entire process—from review to policy implementation—was completed within six weeks, with minimal disruption to day-to-day operations. We handled all the administration, liaised with insurers, and ensured every detail was aligned to current best practice in Business Protection Chesterfield.
Why This Matters
This case highlights the importance of regular reviews and expert advice when it comes to business protection. Many businesses in Chesterfield have legacy policies that no longer reflect their needs—or worse, won’t pay out when they’re needed most.
At Castle Stonebridge, we specialise in Business Protection Chesterfield and understand the specific challenges local firms face. Whether you’re a small partnership or a growing enterprise, we can help ensure your business, directors, and team are properly protected.
Need Help With Your Business Protection?
If you’re a business owner in Chesterfield and you’re unsure whether your current protection is adequate, now is the time to act.
Contact Castle Stonebridge Financial Planning today to arrange a no-obligation review. With our expertise in Business Protection Chesterfield, we can help you identify any gaps and put robust solutions in place.
Castle Stonebridge Financial Planning – Experts in Business Protection Chesterfield
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