Business Protection Insurance
Business protection insurance is designed to safeguard a business in the event of unexpected events that could harm its operations. This could include coverage for situations like the illness, injury, or death of key employees, business owners, or directors. There are various types of business protection insurance:
Key Person Insurance
This provides financial support if a crucial employee, like a business owner or a key team member, is unable to work due to illness or death. The payout can help cover costs of recruitment, lost profits, or temporary replacement.
Shareholder Protection Insurance
This helps to protect business continuity if one of the business partners or shareholders dies or becomes seriously ill.
Partnership protection Insurance
On the death of a partner, partnership protection arrangements are designed to allow the remaining partners to take over the deceaseds share in the partnership, and to provide funds for the family or dependents of the deceased.
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