What is Business Protection Insurance?
Whether you are a Sole Trader, in a Partnership or Limited Company, failure to plan for and protect against the financial impact of major events such as death or critical illness of a key employee or shareholder places the wealth of the business owners and employees at significant risk.
Including business protection in your firm’s plans can help your business survive and continue trading under seriously challenging circumstances or secure your financial well-being.
KEY PERSON PROTECTION
Many businesses have key employees whose skills, knowledge, or experience are important to the continued financial success of the business. This can leave the business vulnerable as the loss of a key person may result in loss of profits, additional recruitment costs, disruption to development plans or increased workloads for staff.
Key Person Protection is life assurance (with critical illness cover if required), or income protection written on the life of the key person.
BUSINESS LOAN PROTECTION
A significant number of businesses have some form of debt although many of these firms may not have any insurance backing this debt. Business Loan Protection can be used to help a business pay any outstanding debt should the guarantor die or become critically ill during the policy term. Business loan insurance can cover any type of commercial debt, including:
- Overdrafts
- Commercial mortgages
- Commercial loans
- Directors’ loan
SHAREHOLDER & PARTNERSHIP PROTECTION
Should one of the business owners die or become either terminally or critically ill, one immediate issue will be how to deal with the deceased shareholder’s interest in the firm.
If an owner dies without any protection in place, their shares in the business will pass to their estate and, eventually, to their spouse, civil partner, and/or family. Shareholder protection, along with a formal agreement as to how the shareholding will be dealt with, provides the remaining shareholders with the funds required to buy the deceased shareholder’s interest and retain control of the business.
Client Testimonials
Shaun quickly evaluated our Business and Personal requirements.
He was extremely professional, understood all our concerns, and has provided our Business with the most appropriate protection.
Neil Lane
Having utilised the services of Shaun since 2012 I cannot recommend him highly enough.
He has provided my Business with the essential cover we need, whilst also taking care of my personal cover.
Reason: Both clearly mention business protection and directors.
Richard Bricknell
Contact Details
St Swithin’s Park,
Almondsbury,
Bristol,
BS10 7TP
We are situated in The Bristol Golf Club, off Junction 21 along the M5, near to The Mall at Cribbs Causeway.
Free parking and a warm welcome is always assured.
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A referral remains the highest compliment we can receive. If you have family or friends that could benefit from our advice, we would be grateful for the introduction. Thank you.
Pure Protect Bristol is a trading name of Shaun Bond who is an Appointed Representative of PRIMIS Mortgage Network, a trading name of TenetLime Ltd. TenetLime Ltd is authorised and regulated by the Financial Conduct Authority. Registered office, St Swithins Park, Blackhorse Hill, Almondsbury, Bristol, BS10 7TP. Principal Shaun Bond