Protecting your business if you lose a key person

DHB Solicitors & Associates

DHB are specialist solicitors with three partners and a thriving business in Glasgow City Centre.

The partners each specialise in different areas, although they share an equal workload and responsibilities within the firm.

Over the last few years, they had worried that should one of them die or become seriously ill, the firm could suffer a potentially irrecoverable financial loss: Not just the cost of recruiting a replacement, but also the impact of lost business and contacts. DHB approached us for some advice on the best solution to alleviate their concerns.

We worked with the partners to establish the likely costs and detriment should anything happen to one of them and we had conversations around when they each planned to retire.

DHB Solicitors & Associates

The outcome

Following analysis of our client’s needs, we carried out a thorough market analysis. We recommended life and critical illness insurances for each of the partners. Cover was set up to coincide with their planned retirement dates, and the proceeds payable to the business.

The partners now feel that they are appropriately protected and they have updated their disaster recovery plan.

They are confident the business would receive sufficient cash to remain financially stable following events that would inevitably cause a very turbulent period for DHB.

Cover will cease on insurance products if premium payments are not maintained.