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Business Insurance

Add protection to your business if a member of your team falls ill or worse

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Most businesses are insured against fire and theft and weather damage. But too few businesses insure something much more important. Too few businesses protect their people.

Why business insurance?

Business insurance provides a safety net that protects a company’s people, profits and performance.

Business insurance builds financial protection into a company. Should a key person, owner or director get sick or worse, business insurance provides breathing space and emergency funds so the company can continue to meet payroll, service debt and maintain overheads through difficult or complex times.

If you’re a business owner or decision maker, business insurance is a shrewd, often tax efficient way to take care of your business as well as your employees and their loved ones.

What business insurance products are available?

Business insurance breaks into two columns. Protections for employees, and protection for those key people and decision-makers who are responsible for the business.

Protection for employees:

  • Group life insurance
  • Group income protection
  • Group critical illness insurance
  • Employee benefits
  • Relevant life cover

Protection for directors / the business:

  • Key Person Insurance
  • Loan Protection
  • Executive Income Protection
  • Shareholder Protection
  • Dividends Protection

Why a group policy?

Business protection policies protecting against sickness, critical illness and death aren’t much different in practice than the same products when bought by a private individual.

But through a group policy, the company can cover premium costs (adding this as a perk to your overall employee benefit package) and enjoy tax relief for doing so.

A group policy is a visible way of improving your employment contracts, improving health and wellbeing and building your company culture.

The hidden costs of sickness

Many business owners don’t think to protect themselves from the loss of an employee. But there is a business case for doing so, especially where it concerns key people.

Protection for key performers

If a key performer gets sick then the impact could resonate across the business. It might not be possible to replace such a person’s productivity, skill, reputation or their rapport with clients. Not quickly anyway. It’s a gap that’s all-but-certain to show on the bottom line.

Arranging protection funds can make the difference, buy time, and make sure the company can find a new groove if you’re suddenly minus a vital team member.

Company directors/ shareholders

Should a company director, owner, partner or shareholder die – or be otherwise incapacitated – it can have huge ramifications for a business. Beyond the loss of that person’s skill, the situation may kick up ownership and shareholding disputes.

Protection for shareholders is vital to ensure a logical transition for a business.

Protection funds can enable fellow partners or shareholders to respond (rather than react) in a crisis, and take logical next steps – such as buying out a departed colleague’s stake – while maintaining day-to-day business.

How much does business insurance cost?

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LifeSearch From our Adviser Team

The costs of business insurance vary a lot as they’re based on the products you want to explore, the number of employees you wish to protect and the level of financial protection you require.

The easiest way to approach what can be a complex process – and get a solid estimate on price – is to speak with a LifeSearch business insurance expert.

Tell us what you want, and we’ll show you what’s possible.

Wellness guides and services

The insurers LifeSearch choose to work with offer a range of support services, alongside their policies, to add extra weight in employee wellbeing.

In most cases, our business insurance customers can access helpful guides, resources and services in mental health, recovery and rehabilitation.

As an employer, literature and resources may be available so you can understand your rights and obligations when it comes to employee sickness and absence.

Easy guides to help you get started

See all our advice & guides

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LifeSearch Limited is an Appointed Representative of LifeSearch Partners Limited, who are authorised and regulated by the Financial Conduct Authority. Calls may be monitored/recorded.