The set up depends on your business’s particular structure and needs. Whether you’re a sole trader, partnership, or a limited company, an assessment of your business protection requirements must be done as well as considering the potential impacts of unfortunate events such as losing key people, shareholders or partners in the business.

1. Business Liabilities – works in the same way as personal mortgage

• The sum assured is equal to the debt
• The term is the same as the debt term
• The Policy is owned by the business
• The business receives the assured amount if claims are filed

1. Key Person Cover – anyone whose permanent or temporary loss impacts your business operations and profitability

• Identify key people and agree on their contribution value
• Consider significant financial costs (recruitment of replacement, paying key person’s salary, loss of revenue due to loss of key person)

1. Shareholder and Partnership Protection – in the event of an owner’s death or disability, a plan is set in place detailing business succession to protect the partners and shareholders, family, and employees.

Sounds complicated? Worry not! Our business protection insurance specialists will guide you through with expert support to answer all questions you may have.