Business Protection is the umbrella term for a collection of life assurance policies that are designed to protect your business if a key member of staff were to die unexpectedly, or become incapacitated through accident or illness.
Business Protection Assurance has four main forms of assurance, from which policies are selected based on the requirements of your business:
- Shareholder (or Partnership) Protection – bought by businesses to provide funds to help purchase shares if an owner/shareholder dies or suffers a critical illness.
- Key Person Protection – life assurance purchased by a business, designed to pay out if a key member of staff dies or suffers a critical illness.
- Business Loan Protection – life assurance purchased by a business, which aims to clear business debts if the guarantor dies. Critical illness cover is often available as an option.
- Relevant Life Policies – a tax-efficient individual life assurance policy that company directors and owners can buy through their business, provided they are classed as an employee.
For more information, download our Guide to Business Protection Assurance.
Contact our team of qualified financial advisers today to find out how Business Protection Assurance could benefit you.