Get in touch for a free initial chat – we’d love to help!
Get in touch
Like most insurances, protection should be discussed & arranged proactively rather than reactively.
Here we’ll cover some of the business insurance options.
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 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.
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.
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.
Rather than thinking of how much the policies cost, we recommend thinking of the cost of not having any cover in place.
