Business protection insurance covers four different types of insurance:
- Loan protection
- Keyman Insurance
- Relevant Life Insurance
- Partnership or shareholder protection
Business loan protection is a protection plan taken out so that a business can repay any money owed in the event of diagnosis of a critical illness or the death of a director or key person within the business. It covers any outstanding borrowings.
Keyman Insurance is a policy which will protect a company should they lose a key person due to illness or death.
Relevant life Insurance works as a death in service benefit to those who own a limited company and haven’t got enough employees to warrant a group life insurance plan.
Partnership and shareholder protection is an agreement that ensures that a business has enough money to buy the shares of a deceased Director/Partner off of their family in the event of their death.
Nobody wants to imagine what the impact would be on their business if they were no longer around due to sickness or sudden death. It’s a horrible thought.
The worse the feeling is when you ask yourself this question usually determines the importance of taking the necessary action.
We’ve partnered with the UK’s leading insurance providers so we can compare hundreds of insurance quotes to ensure you get the right level of cover and at the best price.