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Business Protection

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Protect My Business

Most companies have a business continuity plan and take out insurance to protect their assets.

However, many overlook the need to protect their most important assets, the people in their business, against death or critical illness.

Importantly, healthy, engaged employees are any business owner’s competitive advantage. No matter how good your business model is or your products are, you still need a stellar team to build, support, improve, and sell them.

Why Do I Need Business Insurance?

There are a number of business situations in which the loss of a colleague can have severe implications for the financial health of company. Life or sickness and or disability insurance can be used to mitigate the financial loss that may result.

Whether it’s for you, your business partner, or even a key employee, it’s important that you think about Business Protection.

It helps to ensure your business can continue trading without that person there.

Business Protection

Put simply, Business Protection is designed to protect your business if the worst were to happen, safeguarding its financial future. If a director, partner, member, or key employee suffers a critical illness or dies, this can have a devastating effect on the day-to-day running of your business or loss of confidence from key contractors or clients.

At Asset Harbour, one of our business protection specialists will show you how to mitigate these risks and tailor cover to match the business and employee’s needs.

Keyman Cover

Protects against loss of revenue, which could arise if a key employee dies or can’t work due to becoming critically ill. Typically, companies will have several key individuals, and our business protection specialists will help you understand who these are, and the Keyman cover required for these individuals to ensure the continued running of your business.

Shareholder Protection

If a shareholder passes away, their shares become part of the estate which usually goes to the family. Shareholder protection ensures that the surviving owners have the cash to buy the deceased owners’ shares from their estate, meaning the business shareholders keep control of the firm and the deceased shareholder dependants have financial stability.

Relevant Life Cover

Relevant Life Cover is a tax-efficient company-paid life policy that pays out a tax-free lump sum to an insured employee’s beneficiaries via trust if they pass away. The sum assured doesn’t count towards annual or lifetime pension allowances and is a great alternative to group life schemes if your business is not suited to these schemes.

Executive Income Protection

Executive Income Protection is a company-paid Income Protection policy that will pay a monthly benefit to the business if the insured employee is unable to work due to an accident, illness, or injury. The money is typically put towards the employee’s ongoing sick pay, ensuring that they don’t have to dip into their savings or rely on state benefits.