Business Protection Insurance
Business protection helps protect your business should the worse happen. We all insure our property, it is just common sense, so why do we not insure our businesses the same way? Business protection can help make things right when things go wrong.
Essentially there are 5 elements to Business Protection Insurance:
- Key person insurance – also known as keyman insurance to provide a financial safety net to help ensure business continuity and protect profits
- Director/shareholder/ Partnership protection to ensure you keep control of your business
- Business loan protection to ensure repayment of any business loans
- Sole trader protection to protect your business and those that depend on you
- Relevant life protection to provide death in service benefit to employees on an individual basis
Business Protection Insurance provides an all-important safety net for all types of businesses. It is all too common for Businesses to view Business Protection Insurance as an optional extra. It would be a far safer way of trading to consider Business Protection Insurance as part of the business plan from the first day of trading. Businesses all over the UK cease trading for all sorts of reasons but many of which could be prevented had they had some form of Business Protection Insurance in place.
So why is Business Protection Insurance necessary?
Business Protection Insurance ensures that you, your co-workers and the business itself are insured for the unexpected. When Business Protection Insurance is in place and you experience the unexpected you can:
- Keep the business trading
- You can replace key individuals
- Protect corporate debt
- Buy out a shareholder if they become critically ill or buy their share from their estate if they die.
We hope that the information provided above gives you an idea of what Business Protection Insurance is and how it is so important to the successful running of your growing business. The information we have provided is basic so please contact us so that we can discuss your specific Business Protection Insurance requirements in more detail.
Every business can benefit from business protection.
