Business Protection

If something happened to you, a fellow director, or a key member of your team, would the business be able to carry on as usual? Business protection is about making sure the answer is yes — for the business, and for the people who depend on it.

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Cover we can advise on

Relevant Life Insurance

A tax-efficient way for a business to provide individual life cover for a director or employee, without the cost and complexity of setting up a group scheme. Premiums are usually paid by the business, and the benefit is written in trust so it can be paid to the employee's family quickly and outside of their estate.

Key Person Cover

Protects the business itself against the financial impact of losing a key director or employee to death or critical illness — someone whose knowledge, relationships or role would be difficult and costly to replace.

Shareholder Protection

Provides funds so that remaining shareholders or partners can buy back a deceased or critically ill shareholder's stake, usually alongside a cross-option agreement, so ownership and control stay with the people running the business.

Executive Income Protection

Provides a company director with a regular income if they're unable to work due to illness or injury, structured and paid for through the business.

How we recommend cover

Business protection needs depend on how a company is structured, who owns it, who depends on which individuals, and what existing arrangements — such as shareholder agreements or partnership agreements — are already in place. We assess your business's circumstances, including its structure, key individuals and existing cover, before recommending a specific policy and structure from across the whole of the market. This is advised business: we recommend cover suited to your business, not a list of options to choose between yourself.

Exclusions, eligibility & things to check

As with personal protection, business protection policies have terms that affect when and how they pay out. Before proceeding, it's important to understand:

Exclusions — certain causes of claim or pre-existing conditions may not be covered, and critical illness definitions are set by the insurer.
Eligibility & underwriting — acceptance and terms depend on underwriting, which considers the individual's health, occupation and the business's circumstances.
Trust and legal arrangements — cover such as Relevant Life or Shareholder Protection often needs to sit alongside the correct trust or legal agreement (e.g. a cross-option agreement) to work as intended; we'll explain what else may need to be put in place, and where you may need separate legal advice.
Tax treatment — the tax treatment of business protection depends on individual circumstances and current legislation, both of which can change. We are not tax or legal advisers, and we would always recommend confirming the tax position with your accountant.

We'll go through the specific exclusions and conditions that apply to any policy and structure we recommend before you proceed.

What it costs

We charge a broker fee for arranging business protection. The amount depends on the complexity of the business and the cover required, and we will always confirm and agree this with you in writing before any advice is given or any fee becomes payable. Providers may also pay us commission — we'll tell you the amount if you ask.