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Closure of the business, existing insurance policies and the transfer to the successor
What you need to consider
Giving up a business or handing it over to a successor is a significant step in the life cycle of a company and the old entrepreneur. Existing insurance policies are also of central importance to ensure a smooth transition and the financial security of all parties involved. Here we will look at the various aspects surrounding the closure of a business, old insurance policies and the transition in order to provide you with a sound basis for making decisions on how to successfully organise this process.
Business closure and existing insurance policies
The closure of a business can have different effects on the company's existing insurance policies. It is important to carefully review all contracts and take the necessary steps to adjust or terminate the insurance policies.
The following aspects should be taken into account:
Business or professional liability insurance
Public liability insurance protects the company against third-party claims for damages. If the business is closed down, the insurance should be cancelled or transferred to the successor and adapted to the new changed circumstances. It is important to keep an eye on the subsequent liability periods, as these are relevant for damage that occurred before the business was closed down.
Property insurance
Property insurance, such as buildings or inventory insurance, must also be adapted to the changed circumstances or cancelled. When handing over the business to a successor, it makes sense to transfer the insurance policies to the new owner after a review.
Company pension scheme
When a company is closed down, it should be checked whether and in what form the employees' company pension scheme can be continued or whether an alternative solution needs to be found.
Transfer of the business and insurance
Handing over the business to a successor also requires careful planning and coordination of the existing insurance policies. Here are some important steps that need to be taken into account.
Transfer of insurance policies
The existing insurance policies can be transferred to the new owner in order to ensure seamless insurance cover. This usually requires a written agreement between the old and the new owner as well as the consent of the insurer.
Adjustment of the sums insured
As a rule, the sums insured must be adjusted to the changed circumstances and the value of the acquired business. It is always advisable to carry out a detailed risk analysis with us in order to determine the optimum future insurance cover.
New insurances
Depending on the specific requirements of the acquired business and the new owner, additional insurance may be necessary.
We will be happy to help you and look forward to your call and your enquiry.
