Business protection, or business life insurance, refers to a group of policies that can protect your business when times get tough, and offer perks and benefits to employees.
Typically, it is the business that takes out the policy and pays for the premiums. Depending on the type of policy either the business will receive the pay-out, or the individual, their family or chosen beneficiary will receive it.
Things you need to think about include employee benefits such as death in service cover, ownership cover, business debt…the list goes on.
Your employees are one of the most important resources for the future success of your business. Have you given thought to how your company would cope if a key member of staff were to die, be diagnosed with or suffer a critical illness?
The death or critical illness of a key person is likely to have a significant impact on your business. You could suffer a loss of profits, be unable to quickly recruit a suitable replacement and face significant disruption to your own business activities.
However, you can help protect the future survival of your business with Key Person Protection, which can help you financially cope with the loss of a key person.