Business Protection Insurance
Secure Your Business: Essential Business Protection Solutions in Leeds
Protecting your business from unforeseen events is paramount. At Lazenby’s Financial Services in Leeds, we provide tailored Business Protection solutions to safeguard your company’s financial future and ensure its stability in the face of challenges.
NB: Financial protection policies typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse.
What is Business Protection?
Business Protection insurance safeguards your business against the financial impact of losing a key person due to death, critical illness or disability. It provides a vital safety net, allowing your business to:
Maintain financial stability: The insurance payout helps cover expenses, debts and lost profits during a challenging period.
Ensure business continuity: The funds can be used to find and train a replacement for the key person or restructure the business for continued operation.
Protect shareholder interests: Shareholder Protection plans ensure a smooth transfer of ownership and prevent conflicts in the event of a shareholder’s death or critical illness.
Offer peace of mind: Knowing your business is protected allows you and your key individuals to focus on running the company with confidence.
Types of Business Protection
- Key Person Protection: This covers the financial losses arising from the death, critical illness, or disability of a key employee whose skills and experience are vital to your business's success.
- Shareholder Protection: This ensures a smooth ownership transition and protects the remaining shareholders' interests if one shareholder dies or becomes critically ill.
- Loan Protection: This guarantees repayment of a business loan even if a key person dies or becomes critically ill.
- Sole Trader Protection: This safeguards the financial obligations of a sole trader if they become disabled or die unexpectedly.
- Relevant Life Plans: This offers a tax-efficient way to provide life cover for your employees, with premiums treated as allowable business expenses.
Why Choose Lazenby's for Business Protection Insurance?
Expert Guidance: Our experienced advisors will assess your specific business structure and key personnel to recommend the most suitable protection plan.
Customised Solutions: We design bespoke Business Protection plans that perfectly align with your unique needs and budget.
Comprehensive Coverage: We offer a wide range of options, including Key Person Protection, Shareholder Protection, Loan Protection and Relevant Life Plans.
Tax Efficiency: We help you explore tax-efficient options like Relevant Life Plans to maximise the benefits for your business and employees.
Ongoing Support: We provide regular reviews of your Business Protection plan to ensure it remains effective as your business evolves.
Benefits of Relevant Life Plans
- Tax Efficiency: Premiums are tax-deductible for the business, and payouts are typically tax-free for beneficiaries.
- Cost Savings: Businesses can offer valuable life insurance at potentially lower costs compared to individual policies.
- Employee Retention & Attraction: Demonstrates your commitment to employee well-being, making your company a more attractive employer.
- Financial Protection: Provides a lump sum payment to beneficiaries in the event of an employee's death, helping with financial obligations.
- Flexibility: Plans can be customised to employee salaries and may include critical illness or terminal illness benefits.
Get Started Today
Schedule a Free Consultation: Discuss your business needs with our advisors to explore the most suitable Business Protection options.
Customised Protection Plan: We create a tailored plan that safeguards your company’s financial future and ensures its long-term stability.
Peace of Mind: Focus on running your business with confidence, knowing you have a robust protection plan in place.
Safeguard your business and ensure its financial resilience by exploring the benefits of our business protection services today.
Business Protection Insurance FAQs
Business protection insurance safeguards your business from financial losses arising from unforeseen circumstances. It can cover a variety of risks, including:
Key person death or disability: Protects the business if a key employee who is vital to its operations dies or becomes disabled.
Loss of profits: Provides financial compensation if your business experiences a temporary closure or revenue loss due to events like property damage or illness outbreaks.
Employers’ liability: Covers legal costs and compensation if an employee gets injured or becomes ill due to work-related activities.
Public liability: Protects your business from financial claims if a customer, member of the public, or third party suffers injury or property damage due to your business operations.
Business interruption: Provides financial support to cover ongoing expenses while your business recovers from a disruptive event.
Business protection insurance helps mitigate financial risks and ensures your business can remain operational even when faced with unexpected challenges. It can:
Safeguard your financial stability: Prevent financial hardship caused by events like a key employee’s absence or property damage.
Protect your business reputation: Help maintain customer and investor confidence during difficult times.
Ensure business continuity: Allow your business to recover and continue operating after a covered event.
Several types of business protection insurance cater to different needs. Common ones include:
• Key person insurance
• Buy-sell agreements funded by life insurance
• Employers’ liability insurance
• Public liability insurance
• Business interruption insurance
• Directors’ and Officers’ (D&O) liability insurance
A business insurance specialist can help you determine the most suitable coverage for your business.
The cost of business protection insurance depends on several factors, such as:
• The size and type of your business
• The number of employees
• The level of coverage chosen
• The industry you operate in
Your business needs and risk profile: Identify the potential challenges your business faces and prioritise coverage that addresses those specific risks.
Type of coverage: There are various business protection insurance options available. Research and understand the coverages offered by each type to ensure it aligns with your needs.
Policy details: Carefully review details like coverage limits, exclusions, excess amounts (deductible) and claim settlement procedures.
Financial strength of the insurer: Research the insurer’s financial stability and claims settlement reputation to ensure they can fulfil their obligations if needed.
Cost vs. coverage: Compare quotes from different insurers and weigh the cost of premiums against the extent of coverage provided.
By carefully considering these factors, you can choose a business protection insurance plan that offers optimal protection for your company at a reasonable cost.
Financial security: Protects your business from financial losses arising from covered events, preventing financial hardship and ensuring business continuity.
Peace of mind: Knowing your business is protected from unforeseen circumstances allows you to focus on running your operations without excessive worry.
Business continuity: Provides financial resources to help your business recover and resume normal operations after a disruptive event.
Employee morale: Demonstrates your commitment to employee well-being by having proper insurance in place, potentially boosting employee morale and loyalty.
Investor confidence: Business protection insurance can enhance investor confidence in your company’s stability and long-term prospects.
Having a comprehensive business protection insurance plan in place demonstrates business foresight and safeguards your company’s financial future.
