A growing business change and demands new insurance needs, which provide cover according to your business needs. Apart from the regular cover for Employees liability and Public Liability, the insurance sector has various other types of cover that are designed to protect the business. If your cover doesn't adapt to the changing business needs, you could find yourself without protection in the most crucial times.
Business Insurance Protection
Business Protection cover can help your business continue to trade if an owner or other key individual dies or is diagnosed with a terminal or critical illness. Proceeds from the policy could help ensure that key individuals are replaced, the debt could be repaid or shares from the deceased estate are purchased.
Business Loan Protection
The loss of the person who has guaranteed a loan is particularly serious for a business, as the loan provider is likely to call in the loan. Business Loan Protection helps a business pay an outstanding overdraft, loan or commercial mortgage if the person covered dies. When a Business Loan Protection claim is made, the outstanding debt can be paid to either the business or to the lender.
Key Person Protection
A key person is someone who is crucial for the running, and financial success of a business. It could be the Chairman or MD, a technical expert or even a sales manager. A Key Person Protection policy can help protect the profits of a business directly attributed to one or more individuals if they were to die or be diagnosed with a critical illness. This helps the business to continue without financial hardship till a replacement is found or trained.
The death of a partner leads to the involvement of the family members which can cause complexities with regards to the shares and the running of the business. Raising a sizable amount to buy the shares back from them can be very difficult. A Share Protection Policy is a good way to avert such problems as it provides the funds to the remaining interested parties for buying the shares so that they can retain ownership and control of the business.
Relevant Life Plan
Although not classed as a Business Protection product, a Relevant Life Plan can bring some valuable benefits for your business. It is a term assurance plan available to employers to provide an individual death in service benefit for an employee. It is always beneficial to have these covers as they not only provide relief in crucial times but also provide tax relief in many circumstances.
Quotes shown are for a 40 year old male who doesn’t smoke. Policy is £100,000 life insurance cover for ten years with a fixed premium. Example is for illustrative purposes only and was correct on 21/11/2016.
The most common form of protection, ordinary term life cover pays a lump sum to your family if you die within a certain time-frame. Most policies will also pay-out if you’re diagnosed with a terminal illness and have less than twelve months to live
Critical Illness Cover provides a cash lump sum if you suffer from a range of serious conditions within a set time-frame. The money is normally used to pay the bills and provide financial security while you’re on the road back to health
If something serious happens to stop you working - for months, years, or even for life – you’ll want to know you have financial security and that the bills are paid. Income Protection gives you just that, paying a percentage of your income all the time you’re unable to work.
The NHS is groaning under the weight of the UK obesity crisis and newer, more effective medical treatments for a range of illnesses often aren’t available. Private medical cover makes ‘going private’ much more affordable – giving you access to more treatments, shorter waiting lists, and first-class care.
Most company directors are savvy enough to have life insurance, but very few realise they can save up to 53% by taking advantage of a Relevant Life plan.
Group Life and / or Health Cover is the most cost-effective way to provide peace of mind and financial security for the families of your employees.
Key Person Insurance - often called Key Man Cover - is an insurance policy bought and owned by a business to protect its own interests. Cover is provided in the event that an important staff member is suddenly unable to work through critical illness and/or death.
Shareholder Protection Insurance is designed to give you peace of mind in the event that a shareholder in a Limited Liability Company, a member of a Limited Liability Partnership (LLP), or a partner in a partnership dies or is diagnosed as critically ill.
Try our FREE calculator and see how much you could save