Business Protection

What is business protection?

Business protection could help a business continue to trade in the event of a key person, partner or director falling terminally or critically* ill or dying.

Arranging business protection is similar to any other type of protection.

The most significant differences are that business protection generally incorporates higher sums assured and a claim may be paid to a business, not a family member.

Types of protection

The main kinds of business protection, which can be set up in trust, are:

  • Key Person Protection.
  • Partner/Director Share Protection.
  • Business Loan Protection.

Why Business Protection

Peace of mind that, if the worst should happen, the business could be financially secure.

Protects a partner’s or director’s financial share in the business in the event that they fall terminally or critically* ill or die.

Eases the pressure on business owners to return to work quickly should they fall critically* ill.

Reduces the likelihood of forced employee redundancies.

It is important to remember that individuals other than owners, partners and directors can be key people: technicians, research personnel and sales people are often essential to the success of a business.

* If critical illness cover is chosen as an additional option.