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Businesses
Securing the right protection is essential for your business.
To many business owners there is an obvious need to insure property and equipment as without them the business will not function. Have you considered how your business will continue in the event of illness or death of an owner or key employee?
Business protection comes in many forms, but the underlying principle behind them is to protect the financial health of the business. We design solutions around our business clients’ needs that range from sole traders and partnerships, to large limited companies.
Employee Protection
These are benefits that offer protection if an employee develops a long-term or serious illness, or in case of death. They include:
- healthcare packages
- income protection
- critical illness cover
- death-in-service benefits to spouses and dependents
In our experience, employees will change jobs or choose a job offer based not just on salary, but also on these kinds of benefits.
Key Person Protection
Protect your business by protecting your key people. If something suddenly happens to someone crucial to your business, you may have to meet extra costs quickly. These could be due to:
- lost sales
- a drop in profit
- recruitment costs
Key person protection is designed to provide you with a lump sum to help you over the loss of someone who’s crucial to the business. This kind of cover is often needed for businesses to raise finance.
Key people aren’t just managing directors. They could be in sales, IT or marketing. They could be the person responsible for the success of a company you’re merging with or acquiring.
Tax-Efficient Life Cover
If you are a company director, small business owner or high-earning employee you may be paying more tax than you need to if you have life cover.
You may be able to take advantage of ‘relevant life cover’. This is a tax-efficient type of life assurance. It provides a lump sum if the person covered dies or is diagnosed with a terminal illness while employed.
Relevant life cover can offer valuable tax advantages.
- It isn’t included in your income tax assessment
- It doesn’t form part of your annual or lifetime pension allowance*
This type of cover has to meet various conditions, which we’d be happy to explain. If you didn’t realise there were limits on your pension allowance, please get in touch with us to find out what your pension allowance limits are.
Director's Share Protection
This provides companies with protection if a director develops a serious illness or dies. This type of protection is designed to provide the director’s partner or partners in the business with an option to buy the director’s equity. This provides for the director’s dependents, while enabling the remaining directors to keep control of the business.
Important Information
The Financial Conduct Authority do not regulate employee benefits.
