We are qualified and accredited for key man insurance and business protection. With over 7 years of experience in the field, our company has helped over 300 UK business secure their companies with our insurance protection. There are many variations of the cover which will include shareholder protection, loan protection and partnership protection. But cover against the financial loss of losing a key person due to ill health or death is our most common policy. We are whole of market brokers which allows us to compare top brand companies in the UK against each other for price and suitability. Whether you are looking to protect a business loan, shares and shareholders or just cover your company financially against losing your top sales person we can help. We are experts in all business insurance matters and will endeavor to offer you the lowest cost on the market, along with the most suitable cover. Please give us a call on 0207 112 8844 to speak to one of our qualified advisors, or fill in your details on our quick enquiry form or a call back and someone will contact you as soon as possible. For more info and discussion on the latest updates from the world of business protection please visit our blog page and feel free to comment and ask questions.
Key Person Insurance - To financially protect the business if the key person dies or falls critically ill.
Business Income Protection - A monthly income benefit to the company if the person is unable to work due to incapacity.
Shareholder Protection - Protection of shares if another shareholder dies or is critically ill.
Relevant Life Insurance - Tax efficient life cover for employees.
Business Loan Protection - Cover any corporate loans or overdrafts taken out by the business.
Partnership Protection - Cover against losing your business partner to death or critical illness.
What is Key Man Insurance?
It is much the same as a mortgage protection policy or a normal term life cover taken out to cover a loan on a mortgage. The main difference is the beneficiary which in the case of this insurance, instead of being the wife or husband its the company. The policy is taken out to protect your business against the financial repercussions of losing a valuable employee due to critical illness, ill health or death. Many large businesses will already have these protection policies in place. But small to medium size companies tend to overlook this insurance or do not even know it exists. Businesses don't think twice to insure their important equipment. But for some reason do not think to insure the most important part of their company, "the employees" until of course its too late. As well as insuring the key people it is also worth looking at shareholder protection insurance to enable the remaining shareholders to purchase back the shares in the event of another shareholders death.
The damaging effect of losing an important employee could go well beyond just the cost of a replacement. They could be the sole reason your company is doing so well. This insurance can give your company a financial payout should they die or become critical ill.
A relevant life policy is much the same as a death in service apart from you are not restricted to the amount of benefit such as 4 times annual income. The lump sum amount can be much higher and up to 8 times salary. The main reason for choosing a relevant life policy is of course the tax benefits. Companies are able to pay the premiums from their accounts and claim these as a cost for tax purpose. Of course the employee will benefit from not having to pay the premiums from their taxed income. This can give huge savings even if the actual premium is more expensive than any existing cover. Directors who own their own company can of course take advantage of these polices and many are now changing from their current policy to a relevant life. Speak to your accountant for further advice on how you can make savings on relevant life insurance or of course give us a call and speak to a qualified advisor.
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Information regarding taxation levels and basis of reliefs are dependent on current legislation. Individual circumstances are not guaranteed and may be subject to change.