Business Protection

Security in the face of a crisis

What would happen to your business if the owner, a director or a key team member became ill or died suddenly? Doesn’t bear thinking about, does it? But you should, because there are special insurance products designed precisely to address those ‘hope-they-will-never-happen’ situations – situations which sadly do happen to businesses every day up and down the land.

The products all come under the umbrella term of Business Protection.

chairs in a boardroom
chairs in a boardroom

Business Protection Products

A type of life insurance bought by businesses on the life of an employee whose illness or death would seriously jeopardise the profits of the business. That could be a chief executive, a top salesman/woman, finance director – or even the owner of the company. The policy provides a cash injection to help find replacement staff, and cover lost profit streams. A Critical Illness cover option is also available.

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If the owner of a business, or another shareholder dies, this type of life insurance will ensure there are funds to help the remaining shareholders purchase the shares and retain control of the company. A Critical Illness cover option is also available to cover that scenario.

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This is a term assurance plan which is purchased by an employer to provide a death in service benefit for the beneficiaries of an individual employee. Generally, it’s tax-efficient for both employer and employee. Premiums are tax-deductible for the employer and as the policies are set up under a discretionary trust, any lump sum pay-out is tax-free and not subject to inheritance tax.

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This type of insurance is effectively taken out on the life of the guarantor of a business loan. This is usually the business owner or a director / partner. It can cover any type of commercial debt, such as overdrafts, commercial loans, commercial mortgages and directors loans and will provide an obvious measure of security for the business should the guarantor become terminally or critically ill – or die.

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Although not strictly business protection as such, at Brunsdon, we believe responsible investment of surplus corporate cash is an important part of the mix. We have the expertise and experience to advise on solutions that have the potential to offer the prospect of providing better returns than cash deposits.

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Corporate investment is a complicated subject requiring considerable expertise. Investments can go down as well as up and your company may get back less than it originally invested. Legislation and tax rules may be subject to change and your company’s circumstances may also impact on tax treatment.