Be prepared for the unexpected
There is always an element of uncertainty in running a business: premises can be rebuilt, contents can be replaced, but the recovery of a key individual is not nearly as certain. Having the right business protection policies in place helps to ensure your company can survive the loss of a key individual.
Business protection helps protect your business from the financial losses that may be incurred if the business owner or key individual should die or be diagnosed with a critical illness.
We take time to get to know you and your business to find the right policies that provide you with all the protection you need with premiums you can afford. We will research the whole of the market and ensure that any arrangements are set-up in the most appropriate way for your business.
Shareholder protection is designed to ensure business continuity in the unfortunate event of the death of a shareholder. Insurance can either be taken out by each of the fellow shareholders or the company can take this out as a whole on the lives of each shareholder. The policy proceeds are then used to help buy the share of the business owned by a shareholder that has passed away.
Business loan protection
The policy proceeds are used to help pay off any outstanding loans your business may have should a key individual die or be diagnosed with a critical illness. These could include bank loans or director loan accounts which need to be repaid on death
Key person insurance
Key person insurance protects a business against the financial effects of death and/or critical illness of a key person. The policy proceeds are paid directly to the business to be used to help cover the loss of profits that may occur and also provide funds to cover the cost of a temporary replacement.
Relevant life cover
Relevant life cover is an ideal way to provide protection, in the form of death in service benefits, to the directors of a company without taking out a scheme for all employees. It is also useful for smaller companies who may not be able to obtain group terms.
It’s set up by the company and pays out a tax-free, lump sum on the death (or diagnosis of a terminal illness) of the person insured. The proceeds go directly to the employee’s family or financial dependants.
It is also a good way of providing additional life cover for the beneficiaries of a company owner over and above any group arrangement that may be in place.