Business Protection Insurance
At Covered we understand that running a Business always involves an element of
uncertainty. Premises can be rebuilt, plant or products replaced but the recovery of a person is
not nearly as certain and that is why to complement our range of Commercial Insurances we
now provide Business Protection Assurance.
What is Business Protection?
Business Protection helps protect your business from the financial losses incurred if a key
person or owner of a business should die or be diagnosed with a terminal or critical illness.
There are three different types of Business Protection:
- Key Person - Profit Protection
- Key Person - Loan Protection
- Share - Ownership Protection
Key Person - Profit Protection policy proceeds are paid directly to the business to be used
to help replace a Key Person and help cover the loss of profits that may occur.
Key Person - Loan Protection policy proceeds are used to help payoff any loans your business may have. These will include Bank Loans or Director Loan Accounts which need to be repaid on death.
Share - Ownership Protection policy proceeds are used to help buy the share of the business if
an owner is diagnosed with a critical illness or dies.
For more information on business protection Contact Us Now or call us on 0345 862 2727