Business Protection Insurance is a way of protecting your business to ensure that you, your co-workers and the business itself are insured for the unexpected.
There are 3 main elements to Business Protection Insurance:
Key person insurance – also known as keyman insurance is an insurance policy which a company takes out on any of its key employees or directors to whom they consider a great value to the business and will suffer financial losses should this person die or suffer from a critical illness which forces them out of work.
Shareholder Protection – Is an insurance policy put in place to protect a company’s shareholders. This policy will pay out a lump sum upon a shareholders death to allow all the remaining shareholders to purchase the remaining shares and maintain ownership of the business
Business Loan Protection – Is Life assurance (sometimes life assurance and critical illness cover) written on the life of an individual or individuals. If a claim is made a sum equal to the outstanding debt would be paid allowing the loans to be cleared
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