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Business Protection

How do I protect my business?

In any business arrangement, the death or diagnosis of a serious illness of one of the key individuals involved can have serious financial consequences for those left in the business. Owning a business or a partnership comes with a lot of stress and strain. Protecting your business in the right way can help ease some of the ongoing worries.


Co-Directors Insurance

Co-Director Insurance can be taken out at any stage of your company’s lifetime. You will pay a premium on a regular basis, based on the cover that is required and the value of the shares of the director. If the unexpected happens and this director dies, the policy will provide a lump sum to compensate for this event. This can be used to buy the deceased director’s shares from his/her next-of-kin.


Keyman Insurance

This policy will provide a lump sum in the event of death or serious illness of a key employee within the company. This benefit can be used to offset any financial losses that a business may incur. It can also be used to contribute to bank loans where the key employee gave a personal guarantee, or to pay off loans made to the company by the key employees.


Partnership Protection

The death of a partner may bring financial and legal problems to a business partnership. The remaining partners could be legally obliged to pay an immediate capital sum to the deceased’s estate. This money may need to cover a range of different costs such as undrawn profits, any share of partnership fixed assets, and the balance of the deceased’s capital. Partnership Insurance will provide the necessary funds to pay the deceased partner’s estate for their share of the partnership.

Partnership Insurance can be taken out by members of a business partnership of any kind. In the event of the death of one of the partners, it will provide funds to allow for the purchase of the deceased’s share of the partnership from next-of-kin.


Pension Term Assurance

Pension Term Assurance is a life cover that pays your dependents’ a guaranteed lump sum if you die during the term of the plan. The advantage of this type of life cover is that it costs you less because if you are eligible you can claim tax relief on your contributions.

You pay a regular amount of money into your Pension Term Assurance plan. Your contribution provides the level of life cover you need until the date you have chosen for retirement.

These policies may carry a conversion option. This means that if you choose to leave or sell off the company at a later date you can convert the policy to personal cover without having to provide medical evidence of health, so you don’t lose your life cover.

Pension Term Assurance is available to self-employed and employees who are not included in a pension plan.

Executive Term Assurance is available to company directors.