Business insurance

You may have already taken steps to protect your business against major catastrophes and put together a business continuity plan to ensure its future if things go wrong. But have you considered insuring against the loss of your most important business assets – you and your key employees?

If you, one of your key employees or co-owners were to die or suffer a critical illness, it could have a major impact on your business and could lead to a loss of sales, major contracts or an inability to repay business loans.

Key person protection Key person protection allows a business to insure against the financial loss it may suffer if a key employee (also referred to as a ‘key person’) dies, is terminally ill or suffers a critical illness.

A key person is an individual whose skill, knowledge, experience or leadership contributes significantly to the company’s continued financial success.

You can buy insurance to financially protect your business against the death or serious illness of a key person. You or your business will be the policy owner. The key person is the life assured. The business is protected and receives the proceeds of any claim.

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Shareholder protection If one of the business owners were to die or become either terminally or critically ill, share purchase protection insurance could give the remaining business owners enough money to buy the insured partner’s or the shareholder’s interest in the business.

Share purchase protection gives a business’s owners the financial reassurance they need to keep the business on track during an unsettling period for the owners.

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Relevant life insurance Relevant life insurance is a form of life insurance for an individual employee. The insurance is applied for and paid for by the business but it’s written into trust so it pays out a lump sum to the employee and their beneficiaries if they die or are diagnosed with a terminal illness while employed during the life of the insurance.

It’s covered by legislation which means that in most cases, premiums (the cost of the insurance) are viewed as an allowable business expense by HMRC, making it a smarter way to get life insurance. The business pays the premiums but they will cost much less than taking out personal insurance.

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Any other queries regarding the above services? Get in touch and one of our experts will review your case.