Key Person Protection
This type of business insurance can help protect your business from financial losses that may arise if a key person within your company becomes terminally ill, suffers a critical illness, or passes away.
With Key Person Protection, your business takes out life insurance on your key person/people and the benefit will be paid directly to your business in the unfortunate event of their illness or death, to protect it financially.
Depending on their role within the business, loss of a key person may result in loss of sales, pauses in recruitment, delays to product launches and other elements which may impact business finances.
There are a range of different plans available depending on the role of the key person, and our team of skilled financial advisors will help you choose the right cover.
Business Loan Protection
Business Loan Protection is a type of cover that helps you maintain business loan repayments in the event that a key person (such as business owner) were to fall ill or pass away.
If there are several people liable for repaying the business loan to the lender, Business Loan Protection policies can be tailored to suit your business’s specific circumstances.
In the event of the death or a critical illness of a key person involved in this coverage, the payment will be made to the business. It can then be decided to pay off their share of the loan immediately, or to continue payments according to the original agreement.
Shareholder Protection cover is put in place to allow the remaining business owners to buy the shareholder’s interest in the firm in the event of their death or critical illness.
Having Shareholder Protection in place allows the remaining shareholders to keep control of the business by giving them the cash payout to buy out another shareholder, if they pass away or fall critically ill.
There are varying levels of protection and you will need to ensure that your business is valued to put this cover in place. Our team of highly experienced financial advisors can help you identify the right cover for your business.
Partnership Protection is a type of business protection insurance that helps ensure that the remaining partner(s) in a business will have the funds available to buy out a partner’s shareholding in the event they suffer serious illness or death.
This type of business insurance helps give peace of mind to business partners should the unthinkable happen, they will have the sufficient funds available to buy out the business without difficulty or needing to find another potential partner.
Relevant Life Protection
Relevant Life Insurance is a form of small business protection cover that provides life cover to a staff member, or director’s beneficiaries in the event of their death.
As a type of ‘Death in Service’ cover, Relevant Life Insurance is a tax deductible business expense which requires no National Insurance contributions. It can also provide employees with benefits such as discounts and rewards to help them stay healthy and productive.
Upon payout, the cash lump sum is not subject to Income or Inheritance Tax. The cover you choose for your business varies depending on the number of employees and the level of cover you wish to provide.
Executive Income Protection
Executive Income Protection protects businesses from the potential financial impact that may befall them in the event where their employee is incapacitated.
This level of protection provides comprehensive assurance for all financial aspects for the employee, including their salary, P11D benefits, overtime, and dividends such as spousal earnings. Additional cover may be taken out to cover National Insurance contributions and pension earnings.
Once a verified claim is submitted, the policy will dispense monthly payouts in line with the level of cover you choose. Payments will stop once the employee returns to work. We’ll help you find the right cover that fits the needs of your business and employees.