Your Business Insurance Introduction

Business Protection Insurance provides a solution to help your businesses function in the event of loss of an owner, shareholder or key employee due to death or ill health.

The success of many businesses comes down to the input and expertise of a few key staff and the loss of such a person can have detrimental effects on your business and the ability to continue trading. The loss of a sales director or business development manager who sources new clients and maintains relationships could certainly have an big impact on the ability to generate revenue, likewise the loss of your research and development manager who is responsible for production and development of your products would also have adverse effects on the ability to continue trading.

Should the situation arise where your key staff member is out of action, a cash injection from a business protection plan could help ensure that your business can continue trading as usual as quickly as possible.

What is Business Protection

Think of all the valuable assets that belong to your business - machinery, land, equipment, supplies, and technology.

Companies do not think twice about protecting these core assets from fire, theft or any other unforeseeable event.

But what about the most important "core asset" - your people?

Key Man Insurance / Profit Protection – Safeguard your business against the financial effects of death, terminal illness or critical illness of a Key Person. A key person is an employee whose skills, knowledge and expertise are important to your business’ success.

 Examples of a key person could be :

• Sales Manager / Director
• Managing Director
• Production Manager / Director
• Technicians and IT specialists

Key Person insurance is life assurance or life assurance with critical illness, with the key person as the life insured but the policy is owned and paid for by the business. In the event that a valid claim should arise, the proceeds will be passed directly onto the employer.

Shareholder Protection - The loss of a business owner may destabilise a business and can quickly lead to financial difficulties. Share holder protection would enable, should the worst s happen, the remaining partners/directors/members to stay in control of the business. In the event of a business owner dying or becoming terminally or critically ill, Shareholder Protection can provide a sum of money to the remaining business owners.

This means that in the event of a valid claim, the policy could pay out an amount sufficient to help purchase the deceased or critically ill partners / directors / members interest in the business.

• Business Loan Protection – The loss of the guarantor for your business’ loans and overdraft facility could be serious for a business, Business Loan Protection will pay an outstanding overdraft, loan or mortgage, should the guarantor die or become terminally or critically ill.

Business loan protection is life assurance or life assurance with critical illness for the life of the guarantor. In the event that valid claim is made, an amount matching the outstanding debt will be paid to the business or directly to the lender.

• Relevant Life Plan – Relevant Life Plans are a term assurance plan available to employers to provide an individual death in service benefit for an employee. It pays a lump sum if the life assured dies or is diagnosed with a terminal illness during the policy term. The premiums are paid and maintained by the employer.

• Group Risk – The Private Healthcare Company has the experience and expertise to help your company get the most from your employee benefits. We offer a range of comprehensive and tailored solutions for Group Income Protection and Death In Service cover. Group Risk Insurance is not only a useful benefit to the employee, but employers can also use it to maximise profits and maintain employee morale.

• Locum Insurance – Is an annual insurance that is designed to cover, GP’s, Dentists, Vets, Opticians and other similar occupations and the costs incurred should the member fall ill or have an accident eg hiring a locum to cover the incapacitated members work load. The insurance will pay a weekly sum until the individual is able to return to work (up to 52 weeks maximum).