From life cover to shareholder protection and key person insurance
Business Protection is an important consideration for any business owner but often gets overlooked. Having effective Business Protection arrangements can mean the difference between seeing your business survive if something were to happen to you or key persons you rely on or facing an uncertain future, perhaps even closure.
So, if you’re already protecting your physical assets but not your people, now’s the time to make a plan.
What is Business Protection?
Business Protection is a broad term that describes insurance coverage designed to protect businesses and business owners from significant events that can impact on the ability to trade, win new business and retain control over how a business is led.
Business Protection policies aim to provide financial support in order to reduce disruption to a business and allow owners to make the arrangements necessary to recover their business. These forms of insurance usually pay out a lump sum in the event that something significant and potentially catastrophic occurs in order to support the business through uncertain times. For example, this might mean insuring against the death of a key person, someone critical to the functioning of your business, or against the loss of a shareholder, partner or company director so that the surviving business shareholders can retain control over their business.