Business Protection provides an all-important safety net for all types of business from sole traders, LLP’s and limited companies.
Types of business protection
Business Protection Insurance is a way of protecting your business to help make sure that the business can continue trading.
Business Protection clearly provides an all-important safety net for all types of business from sole traders, LLP’s and limited companies.
If you experience the unexpected – with the following type of insurance in place you can expect:
- Protect corporate debts
- Replace key employees
- Protect profits
- Give the partners the money to keep control of the company if a partner/director dies
A relevant life policy is an alternative way for an employer to set up life cover for an employee, and directors that draw a salary, in a tax-efficient manner.
It is a tax-efficient life assurance policy that is written in trust.
Premiums are paid for by the employer and usually treated by HMRC as a business expense.
It can be used as part of an employment package to incentivise staff, at a relatively low cost.
Key Person Insurance
Key Person Insurance, also known as Keyman Insurance, can be described as an insurance policy taken out by a business to compensate for the financial loss that would arise from the death or incapacity of an important or key member of the business. Employees of all types, particularly those with specialist knowledge or skills can be Key people.
There are many possible outcomes on the death or critical illness of a shareholder. Being unable to buy shares or having no agreement in place to manage this situation could lead to expensive legal action, loss of control of the business, family members becoming involved in the business, or shares sold to a potentially unsuitable buyer or even a competitor.
Business Loan Protection
Business Loan Protection is designed to help a business pay any outstanding borrowings such as loans. Overdrafts or a commercial mortgage, should the person covered die or become diagnosed with a critical illness.
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