Business Protection

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, whether it be life insurance or income protection.

The most significant differences are: Business protection generally incorporates higher sums assured. A claim may be paid to a business, not a family member.

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

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Types of protection

Lifebroker have access to three main kinds of business protection:

Key Person Protection:

How does it work? Key Person Protection helps safeguard a business against the financial effects of death, terminal illness, or critical illness of a key person.The loss of a key person may result in reduced sales, loss of profit/turnover, wasted time, recruitment costs, the disruption of development plans or increased workloads for remaining staff. A key person is an employee whose continued absence would affect the profits of the business. Someone whose skills, knowledge, experience or leadership are important to its continued financial success. Examples of a key person include, but are not limited to:

Sales director
IT specialist
Managing director
Head of product development
Technicians and R&D personnel

Partner/Director Share Protection:

The loss of a partner or director may destabilise the business and can quickly lead to financial difficulties. Partner/Director Share Protection means if the worst does happen, the remaining directors or partners can stay in control of the business.

How does it work? In the event of a partner or director dying, falling terminally or critically ill, Partner/Director Share Protection can provide a sum of money to the remaining partner(s) or director(s). This means that in the event of a valid claim the policy could pay out an amount sufficient to purchase the deceased or critically ill partners/directors interest in the business.

Business Loan Protection:

The loss of the person or people who have guaranteed a loan is particularly serious for a business. Business Loan Protection helps your client pay an outstanding overdraft, loan or commercial mortgage, should the guarantor die or become terminally or critically* ill.

How does it work? Business Loan Protection is life assurance (sometimes life assurance and critical illness cover) written on the life of an individual or individuals. When a valid Business Loan Protection claim is made, a sum equal to the outstanding debt could be paid to either the business or directly to the lender.

You must read the Key Fact Document which outlines Lifebroker's service standards.

Personal Details

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