Business protection is a selection of types of Life and Critical Illness Policies, which help protect businesses from financial loss, should business owners or key employees, die or become critically ill or disabled and thus unable to work.
A business protection policy can be set up to insure more than one life and in the event of a claim, the proceeds would be paid out to the business or owners of the business.
Key Person Cover
Life Assurance or/and Critical Illness Cover bought by a business to make sure that there are available funds to replace “key” staff and cover any lost income during a potential transition phase, that follows.
Shareholder And Partnership Protection
Life Assurance purchased by the business to ensure there are funds available to buy out shares, if an owner or shareholder dies. This is also applicable to Partnerships, in line with the Partnership Agreement and Cross Option arrangements. Critical Illness Cover is also an additional option to consider for most businesses.