Business Protection is designed to enable your business to carry on with its day-to-day activities and meet existing debt repayments in the event of losing key people through critical illness or death.
Types of Business Protection
There are three main types of Business Protection. Your business may have a need for Key Person Protection, Shareholder / Partnership Protection, Business Loan Protection or a combination of all three.
Protecting your Business Products
In its simplest form, Business Protection is a type of life cover taken out to safeguard your business against the effects of losing key people like yourself or someone else connected to your business through critical illness or death. A Level Term Assurance policy will help to protect your business by paying out a lump sum in the event of the death or critical illness (where that option is selected) of the life insured, giving your business a cash injection when it may need it most. A Decreasing Term Assurance policy will help to protect your business financially by providing a cash lump sum to pay off the outstanding balance on a decreasing debt in the event of death or critical illness (where that option is selected) of the life insured during the plan term.