Business Loan Protection can help businesses pay an outstanding overdraft, loan or commercial mortgage, should a key person die or be diagnosed with a specified critical illness (if chosen) during the length of the policy.
Commercial mortgages are not regulated by the Financial Conduct Authority.
- 40% of businesses would cease trading in under a year if a key person or owner died or became critically ill.
- 37% of businesses don’t have Share Protection Cover in place.
- 57% of businesses don’t have Key Person Insurance in place.
- Only 28% of business owners have heard of a Relevant Life Plan.
- 89% of businesses that have protection cover took it out after taking or seeking advice to protect their business.
Source: Legal & General, 2020