0203 909 1525

0203 909 1525

0203 909 1525

Business Insurance

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Business Insurance

Like most insurances, protection should be discussed & arranged proactively rather than reactively.

Here we’ll cover some of the business insurance options.

Relevant life insurance

Relevant life cover will provide cover for your employee(s), by way of a cash lump sum payment to their family upon death of the employee, similarly to a life insurance policy. 

These premiums will be payable by your business, and are tax deductible.

Keyman insurance

Keyman insurance is designed for business owners who want to ensure there’s a replacement income for your business, should a key employee become incapacitated or unable to work. 

This would help cover lost profits.

All employees are important to a healthy business, however if there are some higher earners, Keyman insurance may be for you.

From a cost perspective, you may find it’s only viable to cover the key earners within the business, such as directors or high billing sales staff.

Executive income protection

An income protection policy that is paid through your business rather than personally, with tax deductible premiums.

Whereas a personal income protection policy will generally pay up to 70% of your earnings if you are unable to work due to sickness or injury, executive income protection can cover up to 80% of earnings, with the option to also include NI & pension contributions.

This policy can help you & your family keep up with your monthly commitments & your standard of living.

Are these premiums tax deductible?

For relevant life cover & executive income protection, you’ll generally find that the insurance premiums are tax deductible, as these are wholly incurred as a business expense and also subject to approval by HMRC tax inspectors. 

However, you’ll usually find that Keyman insurance is not.

How much do these policies cost?

Rather than thinking of how much the policies cost, we recommend thinking of the cost of not having any cover in place. 

If a key member of staff is unable to work for long periods of time, what would the impact be on your business?

Would having relevant life insurance or executive income protection offer a better benefits package to your employees than that of a competitor?

Policies will vary in price depending on the type of cover you want, along with personal circumstances of your employees such as age & medical history.

We aren’t fans of making protection recommendations based on the cheapest policies available. 

We recommend policies based on your specific needs & preferences.

How can we help you?

We’ll have a chat about your specific preferences and search for a suitable policy.