Starting your own business requires careful planning, research and preparation, as well as time. You may also have to invest some or all your own money or seek out finance from family, friends, investors or through a bank. Business protection cover will protect your business against the financial consequences of sickness, accident, critical illness or death of a key person within the business.

Do I need to protect my business?

When you set up your business you have a plan in place of the objectives you want to achieve and how you are going to achieve them. You may be a key member of staff and therefore be responsible for the day to day operations and financial profits of your business.

We will review the key areas of your business along with the key members of staff responsible for them and we will help you to make sure that in the event of critical illness or premature death to a key staff member, your business would not suffer a financial loss and it would continue to trade.

KEYMAN/PERSON INSURANCE

There are several types of key person policies that cover different situations. Some cover the death or critical illness of a key staff member and others cover the death of a significant shareholder in the organisation.

Pay-outs are typically designed to cover re-organisation costs, repay outstanding financing, pay staff recruitment and training costs as well as purchase shares from the estate of a deceased shareholder.

Policies can also include accident and sickness protection that pays a benefit if a key person is absent for a prolonged period due to illness or an accident.

RELEVANT LIFE INSURANCE

Relevant life is a life insurance policy available to employers to provide an individual death-in-service benefit for an employee. It can help smaller businesses attract and retain high-calibre staff by offering them attractive benefits packages that are also tax efficient. It can also be a tax-efficient way for shareholder directors to take out life insurance although this should not be used for business succession planning.

BUSINESS LOAN PROTECTION

This type of cover is designed to cover any loans or finance the business has taken out over time, such as a mortgage on the property you trade from or a loan you have taken out for machinery or stock etc. Terminal Illness cover is usually included which means the insurance company pays the benefit out upon diagnosis of a specified terminal illness where the policyholder is expected to die within 12 months.

SHAREHOLDER PROTECTION

This type of plan is designed to help ensure that if a shareholder, Director or Partner were to die, the business would have enough money to buy the shares back from the beneficiaries under a pre-written agreement. The benefit of having this type of plan in place is to avoid jeopardising the business financially  when buying back shares from the deceased estate and to protect the business against the possibility of the shares being sold to a competitor or outside the business as a result of there being a lack of funds to do so.

What our clients say

‘Deb and her team are fantastic. We have used Deb on two occasions and will definitely be using her again, always friendly and nothing is too much trouble for her. We will always recommend her to others. Thanks for all your hard work over the years.’

E Edwards 21st June 2019

‘Deb and the team are fantastic, quick and reliable!’

Tamworth7th January 2019

‘Absolutely fantastic service, professional and quick. Many thanks.’

Cannock12th April 2019

‘Fantastic Service. Very professional and approachable.’

Oldbury23rd January 2019

Integrity | Honesty | Confidentiality | Equality

Our fees range from £349 – £500, our typical fee is £349, the initial consultation and sourcing of a mortgage is free, with fees becoming part payable upon full application.

Your property may be repossessed if you do not keep up payments on your mortgage.

Registered Office:  Hagley House, 93, Hagley Road, Edgbaston, Birmingham, B16 8LA

Registered in England & Wales No. 11020989

Eaton Mortgages and Protection LTD  is authorised and regulated by the Financial Conduct Authority registration number 804700.

The Financial Conduct Authority does not regulate some forms of Buy to Let.

The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.