Key Person Protection

Many businesses have key employees whose skills, knowledge, or experience are important to the continued financial success of the business. This can leave the business vulnerable as the loss of a key person may result in loss of profits, additional recruitment costs, disruption to development plans or increased workloads for staff.

Key Person Protection is life assurance (with critical illness cover if required), or income protection written on the life of the key person.

Business Loan Protection

A significant number of businesses have some form of debt although many of these firms may not have any insurance backing this debt.  Business Loan Protection can be used to help a business pay any outstanding debt should the guarantor die or become critically ill during the policy term.  Business loan insurance can cover any type of commercial debt, including: 

• Overdrafts 
• Commercial mortgages 
• Commercial loans
• Directors’ loans

Shareholder & Partnership Protection

Should one of the business owners die or become either terminally or critically ill, one immediate issue will be how to deal with the deceased shareholder’s interest in the firm. 

If an owner dies without any protection in place, their shares in the business will pass to their estate and, eventually, to their spouse, civil partner, and/or family. Shareholder protection, along with a formal agreement as to how the shareholding will be dealt with, provides the remaining shareholders with the funds required to buy the deceased shareholder’s interest and retain control of the business.