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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.
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.
We’ll have a chat about your specific preferences and search for a suitable policy.
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As a mortgage is secured against your home or property, it may be repossessed if you do not keep up the mortgage repayments. Think carefully before securing any other debts against your home or property. The Financial Conduct Authority does not regulate commercial buy to lets and some forms of commercial mortgages. You may have to pay an early repayment charge to your existing lender if you re-mortgage
We typically charge a fee for our services, which is dependent on the amount of administration required. Please refer to our terms of business for further information.
The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK. The purpose of any content on this site is to provide technical and generic information and should not be interpreted as a personal recommendation or advice.
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Rose Hill Financial Services Ltd is authorised and regulated by the Financial Conduct Authority. You can find us on the Financial Services Register https://register.fca.org.uk/ under reference 912303. Registered office address: 1 Bell Street, 2nd Floor, London, England, NW1 5BY. Registered in England and Wales. Company registration no: 11997519.
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