There are different types of Business protection policies available to cover you, as summarised below.
Key Person Insurance
This is an insurance policy taken out by a small or medium sized business for protection against potential financial losses that could arise from the death or extended incapacity of a specific Key Person in the business. The aim is also to protect the profits and ensure the business can continue without the Key Person.
For more information on Key Person Insurance, Click Here.
Partnership Protection
In a similar policy to the Key Person Insurance, this insurance policy provides a safety net to ensure that if a business partner dies or becomes critically ill, the surviving partner has enough funds to buy out the deceased partner's share of the business, or compensate their family.
For more information on Partnership Protection, Click Here.
Relevant Life Plan
This policy pays a lump sum if the employee dies during the term of their employment, and more often than not, can provide a payout if the employee is diagnosed with a terminal illness.
For more information on Relevant Life Plans, Click Here.
Shareholder Protection
When a shareholder dies or becomes seriously ill, their shares in the business may be granted to their family or potentially sold. To protect the business, this insurance policy allows for sufficient funds to be available to purchase the shares they could have lost, whilst also providing the deceased shareholder's family fair compensation.
For more information on Shareholder Protection, Click Here.
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