Business Protection Insurance
Plan for the unexpected & ensure continuity within your business.
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What is Business Protection Insurance?
Business Protection Insurance helps cover the risks associated with losing key people within your organisation due to severe illness or death.
This can include the business owners themselves, key employees whose skills and knowledge are vital to the company’s operations, or even significant debt holders.
Types of Business Protection Insurance
- Key Person Insurance:
- Protects against the loss of a key employee.
- Covers loss of revenue and can assist with the costs of recruiting and training a replacement.
- Shareholder Protection:
- Ensures that remaining business owners can buy out the shares of a deceased or critically ill partner or shareholder.
- Maintains control among existing owners and supports business continuity.
- Business Loan Protection:
- Covers outstanding business debts if a key person or guarantor dies or becomes critically ill.
- Essential for businesses that have significant debt that could cripple the business in the event of an unexpected loss.
How Does Business Protection Insurance Work?
When a key person covered by the policy becomes critically ill or passes away, the policy pays out a lump sum amount.
This payout can be used to offset the loss of revenue, cover recruitment costs, or fulfil any financial obligations such as loans or shareholder buyouts, depending on the type of cover you have.
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Common questions about Business Protection Insurance
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Every day people are making life changing decisions.
A young customer, in her early twenties, living with her mother and without children, faced the reality of minimal sick pay from her job as a marketing manager earning £30k annually.
Aware of the need to safeguard her earnings and savings, especially for future life events like homeownership, she opted for Income Protection. Understanding that being signed off work due to illness could jeopardise her financial plans, she embraced the policy.
Just six days after activating her income protection, she experienced an unexpected fainting incident on the London underground, resulting in hospitalisation and a diagnosis of fatigue, exhaustion, and vitamin D deficiency. Despite the distressing news, knowing she had the right cover in place provided a sense of reassurance.
Every day people are making life changing decisions.
A customer, aged 58, suffered a stroke four years ago, leaving him with residual effects such as loss of function in his right arm and leg.
Additionally, he was diagnosed as borderline diabetic with elevated blood pressure, cholesterol, and a high BMI. His family history, including his sister’s stroke at 58 and his brother’s benign brain tumour at 54, made it challenging to secure insurance from the broader market.
Despite numerous attempts by brokers over the years, only The Exeter was willing to consider his case. Finally, he obtained life insurance, bringing him immense relief. We plan to review his coverage annually to seek better rates.
Every day people are making life changing decisions.
A client faced challenges securing insurance due to his occupation as a pilot, limiting options to only three providers, one of which offered coverage at a high cost and required further medical underwriting due to his extensive flying hours.
However, as a whole-of-market provider, we successfully obtained coverage for him without additional underwriting, and at a significantly lower cost than previously quoted by other brokers.
