Business Protection

Business Protection Insurance: Safeguarding Your Business’s Future

What Is Business Protection?

Business protection insurance is a vital safety net for companies, shielding them from financial risks stemming from the loss of key individuals. Whether it’s a critical illness diagnosis or the unfortunate passing of a business owner or essential employee, business protection ensures continuity and stability.

Types of Business Protection

Key Person Protection

For Limited Companies

Life of Another

The company takes out a plan on the life of a key person. If they suffer a critical illness or pass away, the plan benefits directly support the company. These funds can aid in reorganisation or recruitment.

Own Life in Trust

Key persons (e.g., shareholding directors) take out plans on their own lives, written under trust. Other shareholders become beneficiaries, receiving plan proceeds if the key person faces critical illness or demise.

Limited Liability Partnerships (LLPs)

Similar to limited companies, LLPs can also secure key person protection.

Partnerships

Partner as Key Person

Plans can be taken out on the life of a key partner.

Employee as Key Person

If the key person is an employee, a suitable plan can be set up.

Shareholder Protection Insurance

Ensures that shares are appropriately redistributed if a shareholder dies or suffers critical illness. This maintains stability and prevents unwanted ownership changes.

Business Loan Insurance

Guarantees repayment of business loans in case of death or critical illness of a partner, key person, or sole trader.

Why Business Protection Matters

Plan for the Unexpected: Business owners can prepare for unforeseen events, ensuring minimal disruption even during challenging times.

Remember, business protection isn’t just about insurance—it’s about securing your company’s future. We will help you find the right protection for your unique needs and safeguard what matters most.