Business Protection Insurance
If you own a business, you are critical to its success so it’s vital to consider business protection insurance to help you plan for the unexpected. If you, a partner, shareholder or other key person in your business were to die, suffer a serious accident or be diagnosed with a terminal or critical illness, what would happen to the business and those family members, employees and customers who rely on it?
Having the right business protection cover in place can help you reduce the amount of disruption your business will face should the worst happen and help it to survive the financial impact. An insurance claim could help the business to repay a business loan or mortgage, recruit temporary or permanent staff to replace key people, ensure control for the remaining partners or stakeholders or buy out a deceased partners or shareholders share to support their family and protect the business.
Business Protection Insurance options
There are business protection insurance options available for all types and sizes of businesses including limited companies, limited liability partnerships, individual partners and sole traders. It’s a complicated area with a wide range of cover options available so we recommend discussing your individual needs with one of our experienced Financial Advisers.
As a Sole Trader, protecting your business if you’re no longer around or able to run it is vital. Options include key person insurance, income protection cover, critical illness insurance or other more specialised insurances tailored to your specific business or sector.
Key person insurance usually insures the business owner, director or a key member of staff and can provide financial support to the business if that person is unable to work due to serious illness, injury or in the event of their death.
Provides a death in service benefit for employees (and salaried directors) of companies. It can pay a tax-free lump sum to the beneficiaries if the insured person dies or is diagnosed with a terminal illness whilst employed during the term of the plan.
Also known as ownership protection, a shareholder protection plan will enable a business to fund the purchase of a shareholder’s shares from their dependents should one of the shareholders die or be diagnosed with a terminal or critical illness.
Protect your business from the death or sudden loss of a partner, director or key person
Why work with us?
At Stan Sherlock Associates, we aim to build long term relationships with our clients and provide you with an advice service throughout your lifetime to ensure you always have the right business protection insurance for your personal needs and situation.
Although based in Carlisle, our clients come from much further afield. We regularly work with clients from across Cumbria (including Kendal, Keswick, Penrith, Whitehaven and everywhere in between), the Scottish Borders, and North East England. Many of our advice services can be provided by phone and email but our financial advisers are always happy to meet you face to face.