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Business Protection
Would your business survive if you, or a key business partner/employee was off work ill, or died? There are many options available to protect you, your business, and your employees - we will advise on the most suitable for you and your company.
Relevant Life Cover
Relevant Life Cover is a Life Insurance policy, paid for by the business and set up in Trust so the pay-out goes to your family and not to the business.
It is the most tax-efficient way of having life cover and it is not counted as a personal benefit in kind (on your P11d). It is open to owners and employees of Limited Companies.
As a company owner it is also an excellent way to provide a ‘death in service’ benefit to directors and key staff.
Business Loan Protection
Does your business have any loans?
Would your business suffer if one of the business owners becomes critically or terminally ill, or dies?
Business Loan Protection Insurance provides the funds to repay loans, commercial mortgages, or director’s loans in the event of a key person being unable to continue working due to illness and/or death.
You can choose to protect part or the full loan amount, with the pay-out being made to the business, or directly to the lender if the policy has been assigned.
*Legal & General reported that 39% of SME Directors fear their business will fold within 18 months of a death or serious illness of a key person.
Key Person Protection
The loss of a key person can impact businesses in many ways, some of these include:
- Reduction in sales or key orders
- Customers losing confidence in the business to deliver the goods or services
- Banks calling in loans
- Suppliers asking for payment up front
Key Person protection should therefore an important part of your business contingency plan.
A company’s staff are its’ most important asset – we can help you protect the business against the loss of a key team member.
Shareholder Protection
The value of this policy cannot be underestimated. Shareholder protection provides business shareholders with the necessary funds to buy shares from each other if one of them was to die or was unable to work due to a critical or terminal illness. This policy helps surviving owners stay in control of their company and minimises disruption to the business.
Dealing with ownership in a company can be difficult in the event of an untimely death or illness. A legal shareholder arrangement sets out how the shares should be valued and gives the surviving shareholders the right to buy the shares, or the outgoing shareholder/’s family the right to sell.
Personal Guarantee Insurance
Personal Guarantee Insurance provides insurance for individuals (usually directors) who have given a Personal Guarantee to a lender in respect of the borrowings (on a new or existing loan) of the limited company.
It indemnifies the individual in the event the business lender calls on their personal guarantee if the company becomes insolvent and there is a shortfall in available funds for loan repayment.
Trusts are not regulated by the Financial Conduct Authority
Whitman Insurance Solutions arrange protection insurance for individuals and businesses.
The guidance and/or information contained in this website is subject to UK regulatory regime and is therefor targeted at consumers based in the UK
Approver Quilter Wealth Limited, Quilter Financial Services Limited and Quilter Mortgage Planning Limited October 2024
Whitman Insurance Solutions is a trading style of Lifetime Wealth Management Limited, which is an appointed representative of Quilter Financial Services Limited, Quilter Mortgage Planning Limited & Quilter Wealth Limited, which are authorised and regulated by the Financial Conduct Authority and registered as 440703, 440718 and 217742 respectively.
Lifetime Wealth Management Limited is registered in England and Wales, No:4631136. Registered Address: 12-14 Upper Marlborough Road, St. Albans, Hertfordshire, AL1 3UR.