Business is all about planning, but sometimes there are things that you just don’t see coming and have no control over. Business Protection gives you the peace of mind that if something unforeseen happens, your business won’t suffer financially.
The loss of a shareholder, director, partner or key employee can leave a business in danger; operationally and financially.
With the right Business Protection, money is available to the business if a shareholder, director or key person is seriously ill or dies.
This money can be used to:
Repay any business loans/debts
Buy out the ill or deceased party’s share to keep control of the business
Protect the profits if a key person to the business is lost to ill health or death
Replace the key person to ensure the business can keep trading
In addition, Businesses can take out a Relevant Life Policy as a tax-efficient Life Assurance policy. This is paid for by the business to provide a lump sum for a Director or employee’s loved ones in the event of their death.
As with all insurances, conditions and exclusions apply.