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Business Insurance

Taking care of your business. Taking care of your people.

Running your own business can be all consuming – even when everything is running smoothly. But have you thought what might happen if you, a partner, shareholder or key member of staff became seriously ill or died? Depending upon your/their role in the business it could:

  • Affect sales
  • Disrupt productivity
  • Affect cash flow making it difficult to pay any business loans
  • Impact staff morale
  • Cause unease amongst customers and shareholders

Business protection insurance is the solution to a problem that could cause serious setbacks to your business. You’ll have access to a lump sum to cover outstanding business loans, purchase shares or for training and recruiting new staff. We can talk you through the various options and ensure you choose the plan that fits the needs specific to your business – and it needn’t cost the earth.

Partner & Shareholder protection

This type of protection policy would provide funds in the event of a death or critical illness of a business partner or director. It provides security by enabling you to buy back any shares ensuring you keep control of your company and so helping you to look after the deceased’s family.

Benefits of Partner & Shareholder Protection

  • Keep control of your business
  • Provides a lump sum to buy shares and give the family a fair settlement.
  • Prevents shares being sold outside of the business
  • Money available to pay off any outstanding business debts

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Key Person Cover

All successful businesses have one or more key individuals on whose skill, experience, knowledge and credibility the success of the business depends. Should they become seriously ill and be unable to work, or die unexpectedly, your business could suffer.

What is a key person?

A key person is any member of staff who has a direct impact on the business’s profits, such as the business owner, director, salesperson or any employee with specialist skills or expertise.

Key Person Cover gives you a cash injection paid directly to the company or partners, helping you to protect your profits, pay for any extra recruitment costs and clear any outstanding business debts, allowing you to continue trading as normal.

Benefits of Key Person Cover

  • Cash injection paid directly to the company or the partners
  • Pays the cost of recruiting and training a replacement
  • Gives you the option to clear any outstanding business debts
  • Protects your profits by paying for any unforeseen costs

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Business Loan Protection

Many business owners give personal guarantees or even use their own homes as security. Business Loan Protection ensures that the business can pay any outstanding borrowings should you or a director or partner in your business die, or become critically ill, ensuring your/their home is not at risk and the business is able to continue trading.

Similarly, if finance has come from a director’s loan account, their estate administrator has the right to demand quick repayment of the loan on the death. Business loan protection can provide the funds to ensure these outstanding loans can be repaid in full should the guarantor die and/or suffer a critical illness, allowing the business to continue with minimum disruption or even failure.

 

Benefits of Business Loan Protection

  • Finance available to pay for any overdraft, loan or commercial mortgage
  • Ensures your home is safe and secure
  • Ability to pay for any Director Loan accounts which must be repaid upon death.
  • Protects your business without putting you or your partners/directors at risk

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Relevant Life Cover

Relevant Life Cover is a way of providing your employees with a death-in-service benefit on an individual basis, no matter the size of your business. Although the company makes the payments, it’s not normally treated as a benefit in kind, so not included in income tax assessments. For a higher rate taxpayer, this could be a significant saving.

Offering a perk such as tax efficient Relevant Life Cover makes staff feel more appreciated so they’re more likely to stay with your company for longer.

Benefits of Relevant Life Cover

  • Unlike most group life schemes which are governed under pension legislation, any payouts from a relevant life plan do not affect your pension contributions.
  • If a director or employee leaves, they can keep the policy going by simply taking over the responsibility for paying the premiums, without needing a new application, medical or underwriting.
  • You can insure up to thirty times your earnings, depending on your age and the insurance provider of choice
  • Makes staff feel more appreciated and valued which means they are more likely to stay with your business for longer.

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