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Business Protection Insurance

Our business protection insurance makes good business sense.

  • Safeguard the future of your business against losing a vital employee
  • Get cover that is relevant to your business needs
  • Business protection insurance that pays out when you need it to

Request a business protection insurance quote online

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Call our business protection insurance team for a quote:

0344 892 0078

Weekdays 9am-5pm
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Features of our business protection insurance include:

Life cover for your employees

A tax-efficient alternative to a 'death in service' benefit that allows you to pay your key employee’s family a cash lump sum if they die while employed by your company.

Key employee cover

Key person cover is designed to help protect your business in the event of death or severe illness of one or more key employees. If your key employee dies or becomes seriously ill, the policy pays out a lump sum to make up for any loss in your revenue or profits, helping to keep your business on track.

Shareholder or partnership cover

We can provide business with a cash lump sum if one of the owners dies or suffers a severe illness. This helps the remaining business owners minimise disruption to the business, by providing capital that enables them to buy that shareholder’s or partner’s shares and so keep control of their organisation.

Business loan protection

This provides a lump sum to cover your business loans and other credit facilities if a business owner dies or becomes seriously ill. In the event you lose a business partner, you may want or need to repay outstanding business loans, some of which may have personal guarantees or have to be repaid when someone dies.

Business Protection Insurance Claims

Need to make a claim?

To make a claim, please contact your individual insurer using the telephone number in your policy document.

Business Protection Insurance Articles & Guides

Get the most out of your business protection insurance with our guides:

Employers Liability Guide Small

insurance guide

A Guide to Employers' Liability Insurance

Whether you have one employee or an expanding workforce, employers’ liability insurance is a vital part of your liability insurance for your business.

Business Protection Insurance FAQs

Why do businesses need protection insurance?

All businesses face a raft of challenges, whether it’s new competitors entering the market, the bank manager not providing enough credit, or a new piece of government regulation to contend with. When it comes to SMEs, most will recognise that people are not only their biggest asset, but also the biggest area of risk for a firm. It is therefore crucial that firms identify these risks, and take steps to either remove or reduce the risk.

What are the tax implications to the employer and employee?

The tax treatment depends on the kind of benefit being offered, with most employee benefits being taxable as a benefit in kind. Some benefits can also provide tax efficient means of covering the lives of key staff. Contact us today and speak to one of our employee benefits consultants to find out more.

When should an employer consider effecting a relevant life policy?

An employer should consider a relevant life policy (RLP) if they wish to provide tax-efficient benefits on the death in service of one or more employees, but do not wish to set up a group arrangement. An employer can also receive tax relief on premium payments under a RLP.

How do you help businesses identify the need for key person cover?

Our business protection advisers can help identify and understand the risk posed by the loss of a key employee within your business. To help with this, you could consider your employee’s impact on the profitability of the business. What impact would their absence have on creditors, customers and clients, as well as competitors?

Is my business at risk?

Given the greater awareness of retention and liability/fraud risks, firms are generally quite good at reducing the impact and managing the risks. SMEs made up approximately 99% of the businesses in the UK. These businesses tend to be reliant on a few key people that really help drive the business and so the temporary or permanent absence of a valuable member of staff can have a significant impact on the continuity of your business.

Regulatory information

This promotion has been approved by Vitality Life Limited and does not constitute investment product advice. Investment product advice will be provided by Vitality Life Limited, a firm authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, FRN 675028. Registered address 70 Gracechurch Street, London, EC3V 0XL.

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