Safeguard your businesses future
While many businesses insure their material assets, protecting their most important assets – their key people – can often be overlooked.
Business protection insurance can help protect the financial stability of your business from unforeseen circumstances, such as the death or serious illness of a shareholder, director or other key employee.
Shareholder Protection
Key Person Business Insurance
Key Person Income Protection
Why do I need business protection insurance?
The loss or illness of a key member of staff can put significant financial pressure onto a business. In fact, 52% of businesses would cease trading in under a year if a key person died or became critically ill*.
Productivity can go down, and finding a temporary or permanent replacement costs the businesses, in terms of both time and money.
Business protection insurance helps give you peace of mind that, should the worst happen, your business has a financial support to continue operating during a difficult time.
Key Person Insurance
The success of a business can be seriously compromised by the death or critical illness of an owner or a key person within the company. Key person insurance – sometimes referred to as key man insurance – can ease the financial impact of such a loss, by paying out a lump sum that can be used to help mitigate the impact of any resulting loss in revenue or profits.
Key Person Income Protection
If a skilled member of your staff were unable to work due to an injury or illness, does your business have the means to replace the associated productivity or revenue loss? Key Person Income Protection insurance pays a monthly income in this event, which can help you keep the business running during a stressful period.
The death of a shareholder can have a serious impact on a business, both in terms of the equity they provide and leadership responsibilities. Shareholder Protection insurance provides the remaining shareholder(s) with capital to purchase the deceased’s shares. This way, the business can have the option to stay in control of the shares, rather than them passing to the deceased’s beneficiaries.
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The above cover is available across several different policies and all cover is subject to underwriting and individual circumstances.
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