Protect your business, family, and yourself
Could your business continue its current success if an owner, shareholder, or other key person was unavailable? If not, business protection could help you navigate the uncertainties that these losses can bring, so your business can thrive and plan for the future effectively.
Business Protection services are referred to a third party. Neither Affinity Advice Ltd nor PRIMIS are responsible for the service received.
Help your business thrive, no matter what
Business protection is a complex beast and no one policy works for every sized business. So, if you’re a business owner looking to protect your organisation against the unexpected, we can help put you in touch with the right people to get it sorted.
Get the business protection ball rollingWhat is business insurance?
Business insurance is a policy that covers your business should an unexpected illness or death happen to a key person within the organisation. There are various options available and coverage levels will depend on your business operations, hierarchy, and operations.
The different forms of business insurance
Key person insurance
Here, your business takes out life insurance for a key person or people, with benefits paid directly to the company in the case of their death or illness. This helps cover their financial impact on the business, whether it be loss of sales, key contacts, product release delays, or something else they’re responsible for.
Business loan protection
If a business owner were to pass away or fall seriously ill, business loan protection covers loan repayments taken out in the name of the business. Benefit payments will go to the company to pay for outstanding payments either in full or with payments continuing as normal.
Shareholder protection
Shareholder protection allows business owners to buy shares from a critically ill or dead shareholder simply. This means owners can keep control of the business without having to buy out the deceased or ill shareholder.
Partnership protection
Similar to shareholder protection, partnership protection covers business partners if one of them dies or suffers a serious illness. It helps the remaining partner buy out a partner’s share, which may be difficult to achieve without financial help or finding another business partner to replace the one they lost.
Relevant life insurance
Relevant life insurance, or relevant life cover, is built for small businesses. In a nutshell, it covers the beneficiaries of staff members or directors should the worst occur. It’s also a death-in-service form of protection that’s tax-deductible for the business, with no National Insurance contributions required.
Relevant life insurance is also often used as an employee benefit and incentivises your team members to stay healthy and productive.
Relevant life insurance is also often used as an employee benefit and incentivises your team members to stay healthy and productive.
Executive income protection
If an employee cannot work due to illness or death, executive income protection covers the financial aspects of the employee. This includes their salary, benefits, dividends, and overtime. National Insurance and pension contributions can also usually be added to your policy if you require.
How easy is it to get your business insured properly? With access to our trusted partners, it’s as easy as one, two, three.
How easy is it to get your business insured properly? With access to our trusted partners, it’s as easy as one, two, three.
Business insurance in three easy-to-follow steps
1
We work with trusted partners who we can put you in touch with to sort your business protection needs.
Our trusted partners are industry specialists who have helped a diverse range of businesses set up their business protection.
2
They can can come to you or you can go to them, allowing you to chat through your requirements
Available to meet whatever you preferences, after finding out your requirements, they will dive headfirst into the market to find suitable options that match your specific requirements.
3
They'll use the information you provide and outline your options
Once you’re happy with what you’re signing up for, they'll get everything finalised and get your business covered in a way that suits you.
Business protection insurance FAQs
What is a relevant life policy?
A relevant life policy is a tax-deductible death-in-benefit insurance policy that’s used as an employee benefit. It’s built for small businesses and covers the beneficiaries of staff or directors if they die or become seriously ill. It can also act as an incentive for them to stay healthy and productive in the workplace.
What is key person insurance?
Key person insurance is protection taken out to cover the financial hole left by an important member of your organisation. Whether it’s loss or sales or delays to production, recruitment, or anything else, key person insurance protects your business with financial support to help your operations continue uninterrupted.
Business Protection services are referred to a third party. Neither Affinity Advice Ltd nor
PRIMIS are responsible for the service received.