Business Protection
Business protection encompasses various insurance solutions designed to safeguard a company’s financial stability and continuity
Implementing these protective measures not only mitigates risks but also secures the long-term success of your business
Relevant Life
Who can benefit from relevant life insurance?
Relevant life insurance is designed to provide coverage for specific situations:
- Employers who want to offer death-in-service benefits, even if they have a small workforce that doesn’t meet the requirements for a group scheme.
- Directors who wish to secure their own individual death-in-service benefits without making it mandatory for all their employees.
These policies are designed to be flexible and cater to various needs while ensuring individuals and their loved ones are financially protected
Tax Efficient Cover
The tax efficiency of relevant life cover lies in the fact that premiums are usually tax-deductible for the employer as a business expense, and the payout to the employee’s beneficiaries is typically not subject to inheritance tax
Key Man Insurance
Key person insurance, often referred to as key man insurance, is a policy that a business purchases on the life of a key employee or executive whose contributions are crucial to the company’s success. This policy provides financial protection to the business in the event of the key person’s death or diagnosis of a critical illness.
Here’s how your business can benefit from key man insurance:
- Financial Protection: If a key employee, such as a founder, CEO, top salesperson, or key technical expert, were to pass away unexpectedly, it could create financial instability for your business. Key man insurance provides a payout to the company, which can help cover losses in revenue, recruitment and training costs for a replacement, and debts or obligations that the key person was responsible for. This financial cushion can prevent the business from facing severe financial challenges during a difficult transition period.
- Maintaining Business Operations: Losing a key employee can disrupt business operations, affect client relationships, and erode investor or creditor confidence. Key man insurance can assist in mitigating these risks by providing funds to help the business continue operations and maintain its stability. It can be used to hire temporary staff, implement a succession plan, or even cover any expenses associated with winding down the business, if necessary.
- Creditworthiness and Investor Confidence: Having key man insurance in place can make your business more attractive to lenders and investors. It demonstrates that your company is financially responsible and prepared for unexpected setbacks. This increased confidence can improve your ability to secure loans or attract investors, which can be vital for future growth and expansion.
In summary, key man insurance is a proactive measure that helps safeguard your business from the financial impact of losing a key employee.
It ensures your company can continue to operate smoothly, remain financially stable, and maintain the trust and confidence of stakeholders during challenging times.
Plan B for Your Best People
Protect against the financial impact of losing a crucial employee to death or critical illness
Business Loan Insurance
Business Loan Insurance offers vital financial protection for your business by covering outstanding overdrafts, loans, or commercial mortgages in the unfortunate event of a key employee’s passing or diagnosis of a terminal illness (with a life expectancy of less than 12 months) during the policy’s term.
If you opt for Critical Illness Cover at the policy’s outset (for an extra cost), it can also provide a payout if the key employee is diagnosed with a specified critical illness during the policy’s duration.
When securing Business Loan Insurance, it’s essential to align your coverage with the total amount your business owes in borrowed funds. This ensures that, in the event of a claim, you have adequate coverage to repay your business loans fully.
The consequences of a business being unable to meet loan obligations can be substantial, impacting not only its financial stability but also the peace of mind of its staff and stakeholders. Business Loan Insurance offers a valuable solution, providing reassurance to all involved parties and helping to safeguard your business’s financial future.
Protect Your Assets
A crucial risk management tool, providing peace of mind to both lenders and borrowers, assuring creditors that their loans will be repaid even in the absence of key personnel
