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What is business protection?
Business protection is about protecting your business from financial loss due to unexpected events – such as the death or illness of a key employee. We understand the pressures of running a business and we understand the type of protection product that will suit your business and provide continuity and peace of mind for all involved.
Business protection advice can help you get the most suitable cover for your business, in a cost-effective way, determining the amount and type of cover that you need.
Why is business protection important?
- Business continuity: Safeguard your business from the loss or illness of key employees.
- Financial stability: Provides resources to support ongoing operations, cover outstanding financial commitments, and mitigate potential losses.
- Peace of mind: Business protection can help your people continue as close to ‘business as usual’ as possible should the worst happen.
Types of business protection
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Keyperson Protection
Safeguard your business from the loss or illness of key employees.
It’s not unusual for businesses to rely on key people within their organisation, with Key Person Protection offering help if there is a loss of their skills, knowledge or leadership due to death or serious illness. Key Person Protection can provide a lump sum to provide continuity and help the business owner(s) potentially recruit a replacement.
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Shareholder Protection
Protect the business in the event of a Shareholder or Partner’s death.
Shareholder or Partnership Protection ensures that in the event of death, remaining shareholders have access to a cash lump sum available to buy the deceased’s shares to maintain control of the business. Shareholder Protection provides all parties with certainty in the event of something unexpected happening and protects employees, suppliers and customers at the same time.
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Loan Protection
Protect against the loss of a loan guarantor.
Many small businesses have some sort of debt, whether this is an overdraft, loan or mortgage. These commercial debts may become a liability if a key person were to die or be diagnosed with a serious illness. Loan protection can provide a lump sum to pay off all or some of the liability.
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Relevant Life Protection
Allows businesses to insure the lives of their employees, for the benefit of the employee’s beneficiaries.
Relevant Life Cover is a tax-efficient way to offer death-in-service benefits to your employees. This is because the insurance premiums are usually tax deductible. This offers a high level of cover for employee salaries, businesses and dividends, with the benefits of providing for employee’s loved ones.
