What protection insurance is available for my business?

There’s a full suite of business protection insurance available to you. Businesses are all set up in different ways and with that in mind, there a selection of different business protection policies available.

With some many different types of business protection insurance available, what’s the difference between them all?

Shareholder protection

In the event that one of your fellow shareholders were to die or become terminally or critically ill, would you be able to buy their shares?

If you were unable to purchase their shares, this could lead to their next of kin running the business with you or selling their shares to someone who has no idea about the business, who you may dislike or who’s a shareholder but not supporting you to run the business.

Key person protection

Key person protection insurance could give your business a financial lifeline in the unfortunate event that something was to happen to one of your key employees.

As a business, you can decide who a key person is in the business and their impact doesn’t need to be monetary value. This person could have skill, knowledge or experience or be in a leadership role.

Partnership protection

Partnership protection is taken out to ensure that funds are available to allow the remaining partners in the business to buy a partner’s shareholding if they die, become terminally ill or suffer a critical illness.

Relevant life Plans

This type of protection insurance can be seen as a staff benefit. As the employer, you will be the policyholder and the premiums are paid by the business. This type of plan comes with additional benefits for the business such as its tax-deductible business expense. 

Which business protection is best for my business?  

The business protection policy which would be best for your business will depend on how your business is set up and what you would like to protect.

For example, if you’re a business that has shareholders then shareholder protection is most likely to be the policy that you’re looking for. However, if you have key people in your company that you would also like to cover and would like to provide life insurance to all your employees as a benefit than Key Person Protection and Relevant Life Plan would also be most likely be suitable.

You will be able to set up multiple different policies if you like.

We understand that navigating through insurance policies can be confusing at times therefore, don’t hesitate to speak with our team for a no-obligation discussion about your business needs! Call us on 01270 443510 or complete our contact form and we’ll be in touch as soon as possible.