Business Protection Insurance is a way of protecting your business. Essentially there are five elements to Business Protection Insurance:
1. Key person insurance – also known as Keyman insurance.
2. Director/shareholder protection.
3. Partnership protection.
4. Business loan protection.
5. Sole trader protection.
Business Protection Insurance clearly provides an all important safety net for all types of businesses. It is all too common for businesses to view Business Protection Insurance as an optional extra. It would be a far safer way of trading to consider Business Protection Insurance as part of the business plan from the first day of trading. Businesses all over the UK cease trading for all sorts of reasons but many of which could be prevented had they had some form of Business Protection Insurance in place.
So why is Business Protection Insurance necessary?
Business Protection Insurance ensures that you, your co-workers and the business itself are insured for the unexpected. When Business Protection Insurance is in place and you experience the unexpected you can:
1. Keep the business trading.
2. You can replace key individuals.
3. Protect corporate debt.
4. Buy out a shareholder if they become critically ill or buy their share from their estate if they die.
What is Public Liability Insurance?
Public Liability Insurance covers you against your legal liability in connection with your business to pay compensation and claimants costs and expenses in respect of accidental injury to any person or damage to material property. Please note that it does not provide cover in respect of injury to your own employees – this will require Employers’ Liability.
** Gregory Law FP (Financial Planning) Ltd are not authorised to provide advice on Public Liability Insurance, but we can refer you to a suitably qualified and authorised adviser.
There’s always a lot to think about when you run your own business – and finding the right level of insurance cover can take a weight off your mind. It may be your tools or stock or even the building itself that needs to be protected in the event of an incident happening. The good news is that Gregory Law FP can offer you a range of insurance products to cover your business needs.