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 Protecion policy proceeds are paid directly to the business to be used to help replace a Key Person and help cover the loss of profitsthat may occur. The policy proceeds could your business to continue trading.
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 businessif an owner is diagnosed with a critical illness or dies.
To make sure you are COVERED - Talk to us today call now 0845 862 27 27 or request a call back!
