Business Protection, Have you got it covered?

[Simone Gilks]

Business protection could help business owers continue to trade in the event of a key person, partner or director falling terminally or critically ill or dying.


What is business protection?

Arranging business protection is often thought to be lengthy and complicated. But actually, the principles are similar to any other type of protection.

The most significant differences are:

• Business protection generally incorporates higher sums assured; and
• A claim may be paid to a business, not a family member.

Business protection could help business owners continue to trade in the event of a key person, partner or director falling terminally or critically* ill or dying.

Types of protection

We offer three main kinds of business protection:

• Key Person Protection - continuation planning
• Partner/Director Share Protection - succession planning
• Business Loan Protection

Types of policy

Business protection can be written in three ways:

• Term assurance
• Term assurance plus critical illness cover
• Whole of life

All policies can be set up in trust.

* If critical illness cover is chosen as an additional option.

BUSINESS PROTECTION SOLUTIONS

We provide advice on Business Succession & Continuity Planning.


We can offer a wide range of commercial insurance, Office cover, Property, Public and Trade liability, Commercial Vehicle, also protection policies, such as Key Person and Shareholders protection.


Key Person Protection covers the business against the loss of a key senior member of staff arising from death, critical illness or disability. How would your business cope if a key member of staff was suddenly lost or unable to work? Sales could be lost, contracts delayed and time and money spent recruiting a replacement and in training. Key person cover can’t replace that person, but it can provide cash at that critical time to replace lost profits and cash flow.


Key Person Loan Protection, if your business has taken a loan the ability to service that loan could be jeopardised by the loss of one of the key members of the management team. The loan might be personally guaranteed, or maybe a director has lent money to the company that he, or his estate, would need to be repaid ahead of plan. Key person Loan Protection can provide this cover against death or critical illness.


Office cover, in addition to contents and tenants improvements this can also include public and employers liability. We can offer bespoke policies, tailored to the businesses individual needs.


Professional or Trade Liability includes public and employers liability for professional and manual trades and can be tailored to meet your individual needs, including flexible features to allow for changes in staff numbers or business levels.


Shareholder Protection can provide a solution to support a business so that, in the event of death, critical illness or disability of a shareholder the remaining shareholders can purchase that persons shareholding, enabling the business to continue with minimum interruption and providing an exit solution to that shareholder, or his dependants.


For impartial advice call Simone on 01223 312761 or visit www.beauwater.com

Beauwater
Financial Advice, When you need it