Choose the right cover
We'll guide you through the different choices and help you make the right decision for your business and personal needs.
You’d likely want to talk to us if you’re one of the following:
- Sole trader
- Ltd company
- Partnership LLP
Business protection, or business life insurance, refers to a group of policies that can protect your business when times get tough, and offer perks and benefits to employees.
Typically it is the business that takes out the policy and pays for the premiums. Depending on the type of policy either the business will receive the pay-out, or the individual, their family or chosen beneficiary will receive it.
Things you need to think about are; protecting your business against death of a key person, its people and their families - with employee benefits such as death in service cover, ownership cover, business debt…the list goes on.
View our Business Protection video:
Find out more about business protection products:
You would probably find it unthinkable not to have insurance protecting your business from the effects of fire or burglary.
However, the effect of losing one of your key directors/employees from within the business could be much more difficult to recover from.
Most businesses have an individual who is key to the success and profitability of the business, a 'key person'. The death or serious illness of a key person can financially impact your business in the following ways:
- The costs of recruiting and training a replacement.
- A loss of sales and new contracts.
- A loss of confidence in the business.
- Additional pressure on senior personnel covering the key person, possibly causing some staff to leave.
Relevant Life Cover is a tax efficient way for a business to offer death in service benefits to its employees and offers an alternative to group life schemes.
It can be a valuable addition, or a starting point for any benefits package, whilst helping to retain your best people, or recruit new talent.
Any employee of a business qualifies, including shareholder directors. Benefits are paid into a discretionary trust for your family.
- Do you have an active role in the business?
- Are you employed by the business?
- Do you take PAYE income?
- Is the business a trading entity?
If your business borrows money, it's understandable you will want cover to repay some or all of the loan on the death or critical illness of a shareholder, partner or key person.
Lenders may have the right to demand the business pays back any outstanding loans and this could be difficult to pay off at short notice. The loss of a key person can put immense pressure on remaining owners if there are any outstanding financial commitments.
Types of debt you can cover:
- Directors loans
- Venture capital loans
- Commercial loans and mortgages
- Personal guarantees
- Overdrafts or credit cards
If you are a business partner or a shareholding company director, your share in the business is likely to be one of your most valuable assets.
Ownership protection will provide money so that in the event of death, terminal or critical illness, the remaining shareholders or partners have the cash to purchase the interest and stay in control.
This will stabilise the business at a potential time of uncertainty and everyone involved; employees, creditors, suppliers, customers, executors and owners will have confidence in the company.
Different types of cover:
- Shareholder Protection
- Partnership Protection
- Company Share Purchase Protection
- Limited Liability Protection
Employee benefits can assist the employee financially, or their family, by providing them with money either as a replacement income or as a lump sum.
The handpicked insurers we use offer a range of support services to aid recovery and rehabilitation. Employers gain access to services in preventing illness and legal guidance related to lost of different situations.
There are tax breaks for the businesses who pay the premiums and employers find the cost very reasonable for benefits achieved. It's also a fabulous way to show employees they are valued.
Some options include:
- Life Cover
- Income replacement with a limited benefit amount
- Critical Illness main, and additional conditions
- Income replacement with a continuous benefit amount
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We have a team of experts ready to talk and guide you through your options. Know what you want? Great. Not sure? Even better.
We’re here to help you get it sorted – and our advice is fee-free without obligation.
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