The basics of business protection
What is business protection?
Business protection will help businesses continue to trade should a key man, person or business-owner die or become critically or terminally ill.
Proceeds from a business protection policy will help ensure that key individuals are replaced, company debt is protected or repayed and shares from the deceased partner’s or director’s estate are purchased.
Types of Business Protection
There are three main types of business protection:
- Key Person Protection (also known as KeyMan Insurance or Profit Protection)
- Partner / Director / Limited Liability Partnership Share Protection
- Business Loan Protection
Types of Policy
Similar to most Individual Protection policies, there are the following types of Business Protection Policy:
- Term Assurance
- Term Assurance with critical illness cover
- Whole of Life protection plan
- Decreasing Term Assurance