The most valuable asset to any business is its people - without them, a company’s survival can be at serious risk.
Business protection is designed help businesses and directors continue to trade if a key person, business owner or shareholder become terminally, critically ill or die. Proceeds from the policy could help ensure that key individuals are replaced, corporate debt is protected and shares from the deceased partner's/director's estate are purchased in the companies best interests.
Many believe arranging business protection is a lengthy and complicated process - but actually, the principles are similar to any other type of protection. The most significant differences are that these bespoke Business Protection solutions generally incorporate higher sums assured and that a claim may be paid to a business rather than a family member.
There are four main types of business protection:
- Key Person Protection (profit protection)
- Partner/Director/Limited Liability Partnership Share Protection
- Business Loan Protection
- Relevant Life Plan