Following its successful launch earlier this year, Wyke Business Protection is already making an impact in the business community.
The firm has hosted two well-attended events and delivered tailored protection solutions for local businesses, demonstrating the real-world value of its consultative, open-market approach.
Wyke Business Protection provides business protection and insurance solutions for UK organisations, with a focus on safeguarding owners, directors and employees. Services include key person insurance, shareholder protection, business loan protection, employee benefits and tax-efficient life cover.
As a sister company to Wyke Financial, a long-standing Northamptonshire mortgage brokerage, Wyke Business Protection combines decades of expertise with open-market access to deliver impartial, bespoke strategies.
In early September, Wyke Business Protection was delighted to run successful workshops aimed at SMEs across Northamptonshire.
These workshops were carefully designed to demonstrate the very real dangers and risks that business owners face and how they can mitigate those risks and ensure continuity in their businesses.
Among the attendees were consultants, photographers, insurance brokers and cleaning contractors, who all agreed that the interactive elements of the workshops really helped them to understand the impact that unexpected events can have on an organisation.
Workshops form a key part of Wyke Business Protection’s strategy to educate SMEs and larger organisations on the importance of proactive planning for business continuity.
Case highlight: protecting a 50/50 shareholding partnership
A recent case brought to Wyke Business Protection by a trusted legal partner highlights just how critical shareholder protection can be.
The problem
Two unconnected shareholders, each holding 50% of a business, approached their law firm seeking advice on a shareholder agreement and cross-option arrangement. Without protection in place, the risk was clear: if one shareholder were to pass away, their next of kin would inherit the shares, despite having no knowledge, experience or interest in running the business.
This could have resulted in:
- The surviving shareholder being forced to work with an unwilling beneficiary.
- The deceased’s estate demanding a buy-out, which neither shareholder wanted to fund from personal wealth.
- Potential disputes over company control.
- The risk of shares being sold to a third party, disrupting business continuity.
The solution
Wyke Business Protection carried out a detailed fact-find to understand the shareholders’ needs and medical profiles.
Working in partnership with the company’s accountant and legal advisers, the team designed a bespoke protection strategy:
- An own-life in trust policy tailored to each shareholder.
- Cover aligned with the company valuation, verified by the accountant.
- A legally robust shareholder agreement and cross-option arrangement drafted by the client’s legal team.
Unlike standard off-the-shelf agreements sometimes offered by insurers, this bespoke approach ensured that all legal, financial, and medical considerations were fully aligned, creating a gold-standard solution.
The impact
With protection in place, the business now has a robust, resilient structure that safeguards against disruption in the event of death. Both shareholders have peace of mind knowing the company can continue without disputes, while their families are financially protected.
This integrated approach, combining legal, financial and advisory expertise, highlights Wyke’s ability to deliver comprehensive protection strategies that go beyond insurance alone.
Daniel Wyke, Managing Director of Wyke Business Protection, said: “Our mission has always been to provide clarity and continuity for business owners. These early months have shown there is a real appetite among SMEs for tailored protection strategies, and we’re proud to already be making a measurable impact.”
Gareth Smith, Director of Business Protection, added: “Business protection is too often overlooked until it’s too late. By working closely with accountants, solicitors and business owners, we’re able to deliver solutions that are not only effective but also legally and financially watertight.”
Business owners who want to protect their companies can book an appointment or find out more on the Wyke Financial website.
