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Business Protection

Business Protection was designed to insure against the unexpected, for instance on the death or incapacity of a sole trader, partner or company director.

The main types of cover are as follows:

Key Person Insurance:

An insurance policy taken out on key people within the business to compensate the business in the event of death or incapacity of those employees/directors. This covers the income lost to the business in the event of their temporary or permanent absence.

Shareholder Protection:

Also known as Partnership Insurance. The protection is taken out by the life assured and written under trust for the benefit of the business partners or shareholders. In the event of death or critical illness the money is used to pay the shareholders family an amount equal to their share of the company or partnership.

Business-Protection – can you afford not to?

Relevant Life Policy:

This type of cover is little known amongst the business fraternity, however; it is an invaluable instrument. The policy is taken out by a company director for a predetermined time on his/her sole life for the benefit of their beneficiary or family. The premium is paid for by the company and there is no liability to income tax or national insurance on the value of the premiums or the sum assured.

It is a very cost effective method of insuring a director’s life.

Permanent Health Insurance:

Also known as PHI. This is a long term incapacity policy used to replace lost income whilst long term sick or incapacitated. Care must be taken to ensure any benefit does not jeopardise any state benefits to which you maybe entitled.

Should you require any quotes for the above, please do not hesitate to get in touch either via the contact page or by phone or email.

For more information about the Business Protection options available and which ones work best for you, get in touch with us today.


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