What types of protection are there?

The key protections for a business usually revolve around life assurance, critical illness or income protection. In business protection however, the more important aspect is the trust* that it is placed into. Whilst the policies are relatively simple, it’s the wording of that trust* that makes sure the right people benefit at the right time.

How much does protection cost?

The million dollar question! This all depends on a number of factors. For example, how much protection do you want? How long do you want it to last? How old are you? Are you medically well? The easiest way to find out the cost is to fill in an application form. These are mostly done digitally now and tell us instantly if you could receive cover.

Is it easy to put protection in place?

Yes, once the application form is done, a number of things could happen. Either:

• You’re automatically accepted. You can now put your cover in place.
• The application is referred to an underwriter (an actual human being!) to double check and make a decision
• Your application is accepted but with some minor changes (this could be the premium increasing due to BMI, or an exclusion due to an existing condition.)
• Your application is declined.

As you can probably tell, it’s only the bottom one of these that is a problem.

Can I protect other members of my company besides myself?

Absolutely – this would normally be using something called Key Man Insurance, or Relevant Life, dependent on the person. Key members of staff may be financially important to you as well as emotionally – it’s important that if something happened to them which in term could impact revenue, that that is protected.

When’s the best time to put protection in place?

As early as possible! Protection gets more expensive the older you are – so act early to avoid cost issues.

What could I offer my employees?

There are many options available now, some more pricey than others. Company death in service benefits are a great value added benefit when looking to accrue the best staff in the market, but that can even be expanded by adding Critical Illness. Private Medical Insurance is a very cost effective tool too.

Why should I have business protection?

Because, just simply, you’ve worked hard for your business – why would you not ensure it’s future if something happened to you or a key member?

*Trusts are not regulated by the Financial Conduct Authority.