Business Protection provides you a way of protecting your business should a key person, partner or director die or contract a critical illness. It can help ensure your business can continue trading in these circumstances.
Running a business always involves an element of uncertainty. Premises can be rebuilt, plant or products can be replaced, but the recovery of a person is not always so clear cut, regardless of whether that person is an employee or the owner.
There are no guarantees that someone who has suffered a major health crisis will be able to perform at the same level as previously or even return to work.
That’s why it’s especially important that critical illness cover, as well as life cover, is in place to help ensure that the business can cope with the loss.
We can help you protect your business using 3 different types of Business Protection:
The policy proceeds are used to help buy the share of the business if an owner is diagnosed with a critical illness or dies.
The policy proceeds are paid directly to the business to be used to help replace a Key Person and help cover the loss of profits that may occur. The policy proceeds could help your business to continue trading.
The policy proceeds are used to help pay off any outstanding loans your business may have. These will include Bank Loans or Director Loan Accounts which need to be repaid on death.