One of the great risks of a business partnership is that one of the partners may die or suffer a specified critical illness, with his or her share of the business passing to their beneficiaries. The safety net is a pre-arranged scheme to ensure the surviving partners have enough funds to buy out the departed partner's interest in the business.
Business protection is all about insuring for the unexpected. It's a way of protecting your business if something goes wrong.
In the interests of financial security, business stability, and continuity - particularly for private limited companies where there may only be a small number of principal shareholders - it is important to provide a safety net following the loss of a shareholder
Key person insurance, also formerly called key man insurance, is an important form of business insurance. There is no legal definition for 'key person insurance'. In general, it can be described as an insurance policy taken out by a business to protect that business for potential financial losses that could arise from the death or extended incapacity of an important member of the business specified on the policy.
Julian Cadman, a seven-year-old dual British-Australian national, was one of 13 people killed, it is confirmed.
But opponents say the proposal to unilaterally ditch tariffs and barriers is "economic suicide".
Britain's Mo Farah wins his final track race on home soil in the 3,000m at the Diamond League in Birmingham.
The 10-year-old is in a stable condition after being seriously hurt on a pedestrian crossing in Edinburgh.
The body of a 19-year-old woman was found in a flat in the Meelmore Drive area of the County Tyrone town.