Group & business protection
Protect the people your business depends on.
Business protection helps you plan for the financial impact if a key person dies, becomes seriously ill or is unable to work — while also considering ownership, succession and employee benefits.
Where the risk sits
Three areas businesses commonly need to consider.
The right solution depends on what would happen financially if a key person, shareholder, partner or employee were no longer able to fulfil their role.
Key person protection
Consider the financial impact if someone essential to revenue, operations, client relationships or specialist knowledge died or became critically ill.
Shareholder & partnership protection
Plan how ownership could be transferred or funded if a shareholder or partner dies or becomes seriously ill.
Employee protection
Group life, group income protection and group critical illness can form part of a wider employee benefits and retention strategy.
What protection can cover
Different business risks need different structures.
Key person protection
Can help provide a financial cushion if the business loses someone whose contribution is difficult to replace.
- Loss of profit or revenue
- Recruitment and replacement costs
- Debt servicing pressure
- Disruption to customers or suppliers
Shareholder protection
Can help surviving shareholders fund the purchase of shares from a deceased or critically ill owner's estate, subject to suitable legal arrangements.
- Business continuity
- Ownership control
- Funding for share purchase
- Alignment with shareholder agreements
Partnership protection
Can help partners plan for ownership and financial continuity following death or serious illness of a partner.
- Succession planning
- Funding ownership changes
- Protecting remaining partners
- Supporting the affected family or estate
Business loan protection
Can help provide funds to repay or reduce qualifying business borrowing where a person connected to that borrowing dies or suffers a specified serious illness.
- Commercial loans
- Director loan accounts
- Overdraft exposure
- Other relevant business debt
Group life
Provides a death-in-service benefit for eligible employees and can form part of an employer's wider reward package.
Group income protection & critical illness
Can provide income support or a lump-sum benefit for eligible employees, subject to scheme definitions, terms and insurer criteria.
Review the business, not just the policy
Protection should keep pace with the business.
The value of the business, borrowing, ownership structure and importance of key individuals can all change over time. Reviews should consider whether the cover still reflects the actual financial risk.
Our process
Start with the business risk, then structure the protection.
Understand the business
Identify ownership, key people, borrowing, employee needs and where a serious event could create financial pressure.
Quantify the exposure
Estimate the financial impact and review any existing cover or arrangements already in place.
Research & structure
Consider suitable policies, ownership, trusts or agreements and explain how the pieces work together.
Implement & review
Progress applications through underwriting and revisit the arrangements when the business changes.
Frequently asked questions
Your questions, answered.
What is key person protection?
It is protection taken out to help a business manage the financial impact if an important person dies or suffers a specified serious illness, depending on the policy selected.
Who owns a business protection policy?
That depends on the purpose of the cover. The company, shareholders, partners or another appropriate structure may own the policy. The ownership and legal structure should match the intended outcome.
How much cover does a business need?
There is no single figure. The need may be based on lost profit, replacement costs, borrowing, share value, ownership arrangements or employee benefits.
Do legal agreements matter?
Yes. Shareholder and partnership protection should be considered alongside the relevant legal agreements so the insurance and ownership arrangements work together.
Can a business protect loans?
Potentially. Business loan protection can be considered where the death or serious illness of a relevant individual could make repayment more difficult.
Should business protection be reviewed?
Yes. Growth, ownership changes, new borrowing, changes in key people and revised employee benefits can all change the level or structure of protection required.
Protect business continuity
Start with the people and financial risks your business relies on.
We can help you identify where the financial exposure sits and what types of protection are appropriate to consider.