Business Protection guide:

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A guide to Business Protection

Protecting people should be integral to any business plan. There are many things business owners protect - property, fleets and stock - to keep business' running smoothly. So they should also insure their most valuable assets: their employees and owners.

Here’s your guide to Business Protection for your clients.

An easy way to position Business Protection

Key Person and Share & Partnership Cover can include Life insurance or Life insurance with Critical illness cover. Life Protection covers your client for diagnosis of a terminal illness and death. Business Protection Life with Critical Illness Cover includes cover for a wide range of critical illnesses including cancer, stroke and heart attack, as well as standard Children’s Cover.

Here are the ways you can position Business Protection to your client:
  • Ownership. If a partner or shareholder dies or is diagnosed with a critical illness, the proceeds help the remaining owners buy the affected individual’s share of the business. Without protection, the surviving owners could lose control of the business, impacting on-going success.
  • Debt. If the business loses a key person, the money paid by the policy can be used to clear loans or other debt. Without a cash injection, investors and creditors (like the bank) may call in debts as they’re no longer confident the business can keep on top of them.
  • Profit. If a business loses a key person who influences revenue, the policy gives the company a cash injection, helping replace lost profits and possibly recruit a replacement.
  • Relevant Life Cover. Often referred to as a type of Business Protection, it’s a tax-efficient life insurance policy that allows companies to offer death-in-service benefits to their staff.

Business Protection policy options

We offer two Business Protection policies – Life Protection and Life and Critical Illness Cover.

Life Protection automatically includes terminal illness cover at no extra cost. Life and Critical Illness Cover includes terminal illness and standard children’s cover at no extra cost.

Types of cover

Both policy options can be used in conjunction with our three types of protection. A summary of the suitability for your client can be seen in the table.
Cover typeProfitDebtOwnership
Key Person Covercheckcheckcross
Share Protectioncrosscrosscheck
Partnership Protectioncrosscrosscheck

Types of cover – an overview

Our Business Protection offers three types of cover. So depending on the needs of your client and their business, there’ll be an option to suit their circumstances.
Three people at a desk looking at photos

Key Person Cover

Covers a member of staff who has a direct impact on the business’s profits. It could be the business owner, director, sales person or any employee with specialist skills or expertise.
More on Key Person Cover
Two men talking while drinking coffee

Share & Partnership Protection

Sometimes referred to as ‘Owner’s Insurance’ this helps business owners keep control of the company if one of them dies or is diagnosed with a critical illness.
More on Share & Partnership Protection
Man and two women in office, pregnant women having a talk with other woman at office desks

Relevant Life Cover

This is a tax-efficient life insurance policy, allowing companies to offer death in service benefits to their staff.
More on Relevant Life Cover
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