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If the assets means property, rental property or other tangible assets, you may protect its value if there is loss made by natural disaster, fire or other kinds accidental through various type of property insurances.
If the future assets mean your future salary income, you can protect it by equipping an life or accidental insurance.
Who is the key person in your company? Would it be your staff or your business partner? What would happen if one of the key person suddenly pass away? How seriously would it affect your business?
Based on the current legislation in Hong Kong, a partnership is dissolved upon the death of any partner. To prevent this situation happens, pre-arranged agreement (e.g. Buy-Sell Agreement) has to be made among partners. In addition, the deceased partner's share may become a dept of the surviving partners. Without pre-arranged agreement, you may face the following problems
Do you want to work with the deceased partner's successor? Will he/she fit with your management style?
If the successor wants to sell the deceased partner's share? Will you purchase it? If not, who will purchase it? At what price?
If there is no agreement arranged in advance, the company has to be dissolved. The price of he dissolving business would be most likely lower than its true value and you may suffer a loss.
Business Succession Planning may be your solution to solve above problems. Business Succession planning provides a low-cost, or no-cost way to solve the business succession and assets transfer problems.
Key Man insurance may be used to compensate the company against losses resulting from the loss of a key profit generating person.
If you need advice or professional insurance analysis product inquiries, please contact our financial advisors.