Business Protection
Protecting the business you have built
Most businesses depend on a small number of people. If an owner, director or key member of staff died or became seriously ill, the business could lose income, struggle to repay what it has borrowed, or be left unsure who owns it.
Business protection is insurance that is designed to help a business carry on if that happens. We can talk you through the options and help you find cover that suits your business.
Who is business protection for?
It can be worth looking at whatever the size of your business, including:
- Sole traders and partnerships
- Directors and shareholders of limited companies
- Businesses that rely on one or two key people
- Businesses with loans, overdrafts or directors' loans
Types of business protection
Key person cover
Pays the business a lump sum if a named key person dies or, if you choose to include it, is diagnosed with a specified critical illness during the term of the policy. The money can help to replace lost profits or cover the cost of finding someone new.
Shareholder and partnership protection
Provides money so that the remaining owners can buy the share of an owner who dies or, if you choose to include it, becomes critically ill. The business stays with the people running it and the owner's family receives the value of their share.
Business loan protection
Helps the business to repay its borrowing, such as a loan, overdraft or commercial mortgage, if an owner or key person who the lending depends on dies or becomes critically ill.
Relevant life cover
A life insurance policy that a company takes out for a director or employee. It pays a lump sum to their family if they die while employed by the business.
Executive income protection
A policy paid for by the business that provides a regular income if a director or employee is unable to work because of illness or injury.
How we can help
We will take the time to understand how your business is set up, who it depends on and what it owes. We will then explain the cover available and recommend what we believe is right for you.
The tax treatment of business protection depends on the circumstances of the business and the people covered, and may change in the future. We recommend that you also speak to your accountant.
