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Business protection insurance is a highly valuable asset to any business which can provide companies with financial assistance.
It is used to provide financial protection to a business in events such as a key person dying, becoming subject to a professional complaint or a member of the public injures themselves on your premises.
What is Business Protection?
Business protection insurance can provide companies with valuable financial assistance in the event that a key employee dies or becomes critically ill, or that the company is sued by a client or a member of the public.
The insurance is a highly valuable asset to any business as it is possible that any company can be rightly or falsely accused of misconduct and the insurance can provide a great peace of mind that legal and compensatory funds are available in either scenario.
Business Protection insurance that is available will often fall into one of the following areas:
- Key Person – An insurance policy that is used to insure the life of a core person within the business who would be difficult to replace if they were to die. The insurance is designed to cover costs of recruiting a replacement employee or to cover loss of profit.
- Shareholder Protection – An insurance policy that covers the value of the shareholders investment in the business, so that if the shareholder dies or is diagnosed with a critical illness that the shares can be bought by the others.
- Relevant Protection Insurance – This can be life insurance, significant illness cover or income protection, depending upon what you need. It’s designed to be arranged as a thank you for an employee’s service to your company.
- Business Loan Protection – This is a policy designed to provide financial aid to cover any outstanding liabilities held by the business, in the event of death or critical illness.
- Professional Indemnity (Professional Liability) Insurance – This insurance is used to aid businesses in the event that a client is dissatisfied with the company’s services and wishes to make a formal complaint about professional conduct. The policy will generally cover legal costs and compensation settlements.
- Public liability – A policy designed to provide financial assistance in the event that the business is sued by a member of the public for accidental injury or damages. The policy will generally cover legal costs and compensation settlements.
What if I have a Health Condition?
When an individual is being insured it is possible that a health condition could affect the policy acceptance terms, this isn’t always the case.
For policies such as Key Person, Shareholder Protection and Business Loan Cover, disclosures such as medical history, hazardous sports, excessive foreign travel and high risk occupations will all be taken into account. For other business protection policies such as Professional Indemnity and Public Liability insurance factors such as company size, location, base of operations and primary activities may impact upon the policy terms and costs.
*We do not offer advice on Professional Indemnity Insurance or Public Liability Insurance. Enquiries about cover are referred to an authorised third party.
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