Business and Keyman Protection
Business Protection Insurance is a way of protecting your business. Essentially there are five elements to Business Protection Insurance:
- Key person insurance – also known as keyman insurance
- Director/shareholder protection
- Partnership protection
- Business loan protection
- Sole trader protection
Business Protection Insurance provides an all important safety net for all types of businesses through the use of Life and Critical Illness coverage for key personnel, whether it be a Partner, shareholder or key employee. 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.
Business Protection Insurance
So why is Business Protection Insurance necessary?
It 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
- 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.