AT A GLANCE
What does business protection planning cover?
Business protection planning considers the financial effect of losing an owner or key person through death or serious illness. Insurance may support business continuity, debt repayment or ownership arrangements, but the cover, policy ownership and agreements must fit the business.
A business can depend heavily on a small number of people. If an owner or key colleague dies or becomes seriously ill, the financial effect can reach staff, customers and family. Business protection explores how suitable insurance and supporting agreements could provide funds when the business needs to adapt.
What this can help you explore
- Identify key people and the financial effect of their loss.
- Explore cover for business loans or ownership transitions.
- Connect protection arrangements with succession plans.
Things to consider
The insured events, policy ownership and beneficiaries must fit the intended business purpose.
Underwriting, exclusions and tax treatment vary; legal agreements may be needed alongside insurance.
Your questions, answered.
It is insurance intended to help a business meet the financial impact of losing an important individual through an event covered by the policy.
Suitable cover can provide funds towards an ownership transfer. The policy and any shareholder agreement need to be considered together.
Who provides this service?
The provider, applicable permissions, advice scope and terms must be confirmed before you proceed. Regulatory treatment and protections vary by service and product.
Regulatory information