Business Protection

Key Person Protection (Profit Protection)

Key Person Protection is a business insuring itself against the financial loss it would suffer if a key person in their business died or were diagnosed with a specified critical illness if chosen, during the length of the policy.

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Business Loan Protection

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.

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Share Protection

Share Protection allows the remaining partners, shareholding directors or members to remain in control of the business following the death of a business owner.

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Relevant Life Plan

A Relevant Life Plan is a term assurance plan available to employers to provide an individual death in service benefit for an employee. It’s designed to pay a lump sum if the person covered dies or is diagnosed with a terminal illness, whilst employed during the term.

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The Facts

  • 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

This article (Business Protection) is intended to provide a general appreciation of the topic and it is not advice.