What is buy-sell cover?
Buy & sell insurance provides a lump sum to a surviving shareholder or shareholders of a business in the event that one of the shareholders passes away.
You may have built a dream team of owners at work – but sometimes life has other plans. Buy & sell cover (also referred to as share purchase cover) protects the other surviving person – or people – in a business partnership when a partner dies. Ideally connected to a buy and sell agreement, this type of cover provides a ready source of funds to the surviving partner (or partners) to purchase the shares at stake from the deceased person’s estate, so you don’t end up in business with your business partner’s wife or kids – as lovely as they may be!