What is Business Protection?
Business Protection could help client owned businesses to trade should a key business owner die or become terminally or critically ill.
Proceeds from the policy could ensure that key individuals are replaced, corporate debt is protected and shares from the deceased partners / estate are purchased.
Many believe arranging business protection to be a lengthy and complicated process but actually the principles are similar to any other type of protection. The most significant differences are:
- Business protection generally incorporates higher sums assured
- A claim may be paid to a business not a family member
Types of business protection:
- Key Persons Protection (profit protection)
- Partner / Director / Limited liability partnership share protection
- Business Loan Protection
- Relevant life plan
As with all types of insurance limitations and exclusions apply.
Types of Policy:
- Term Assurance
- Term Assurance with Critical Illness Cover
- Whole of Life protection plan
All policies can be set up in Trust.