Protect my business

Protecting your business and your business partner(s) in the event of death or serious illness

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Business Protection

Most companies protect and insure their business against many calamities such as fire, theft, flood or public liability but there are other risks, that may not have been considered, that can have an equally devastating impact on the business. These include being unable to work due to ill health or even death.

Having life assurance and/or serious illness cover on the lives of people who are essential to the business can form part of a plan to address these issues and can assist in ensuring the continued survival of the business.

business protection

A few key questions to ask yourself:

Do you have one or more Keypersons in your business? Would their illness or death have a catastrophic effect on the future of the business?

Does your business have substantial borrowings? In the event of the death or illness of a keyperson or business owner, would these borrowings become a burden for the business? Would you like to assist the surviving business owners in retaining control of the business and financially compensating the dependents of the deceased business owners?

What would happen if a business owner died? Many problems can arise for a business when an owner or key employee dies prematurely or becomes seriously ill. In some cases, a business can get into financial difficulty because of a key employee’s or shareholder’s death with surviving business owners having insufficient funds to purchase the deceased owner’s share of the business. Many business owners believe their business partner will look after their families if they die, but what happens if they are unwilling or unable to do this?

Business protection cover is for individuals who want to ensure their investment property or business will provide their family with financial security in the event of death or serious illness. It pays a lump sum on death or on the occurrence of a specified serious illness which can be used to secure the value of the business.

It can protect:

  • Keyperson(s) in a business
  • Partnerships
  • Personal & Corporate shareholders

It can be used to:

  • Provide the funds needed to buy out a partner’s share of the business
  • Ensure their family receives a fair price
  • Ensure the surviving business partner retains ownership and control
  • Avoid the need for personal loans to be taken out by the surviving partner to buy the business back and retain control of the business
  • Provide a formal plan of what should happen to business partners or key staff

It can also support to:

  • Pay off some or all of the outstanding mortgage
  • Reduce the burden of monthly payments of loans
  • Provide valuable assets for dependants
We’ve added new benefits to your cover - Link layer

We’ve added new benefits to your cover

BetterHealth is our latest online GP and healthcare services that are now available when you take out a policy with us.
Protecting What Matters Most – Webinar - Link layer

Protecting What Matters Most – Webinar

This webinar will explain how to financially protect yourself, those you love and the things you love.
Protection FAQs - Link layer

Protection FAQs

Find out more about Protection with our FAQs