Types of Business Protection Insurance

Types of Business Protection Insurance - Types of Business Protection Insurance

Business insurance is one of the key elements in being able to overcome certain common risks in a company. The type of business insurance you have is essential to whether your company will b able to make it through a strenuous period of time or not. By incorporating the right business insurance into your business, you will be able to relax and know your business is taken care of.

These are the most common types of business protection insurance schemes to consider for your new business.

Relevant Life Cover

Relevant Life Cover is not necessary there for the safety of a business but for the owners and, most importantly, employees. Employees are the backbone of any company; they run the show and keep the gears moving. By providing them with relevant life cover, you are protecting them and their families.

This is seen as individual life insurance that company directors and owners can buy for their employees or even themselves if they’re paid through PAYE.

Relevant Life Cover 1 - Types of Business Protection Insurance

Key Person Cover

Key person cover helps companies with the loss of important employees. Its life insurance is bought by businesses to help provide funds when they need to replace staff and cover any lost income streams due to the transition phase that is needed. Key person cover can even include illness cover, which can further add assistance with business protection.

Shareholder Protection Cover

Shareholder protection cover is bought by a business to ensure available funds to purchase shared. These shares can then be bought if an owner or shareholder leaves the company due to criminal reasons or if they lose their lives. This protects the business owner and provides great assistance in not losing a company to someone else.

Business Loan Cover

Business Loan Cover. This is the most important type of business insurance to have in order to keep your company and its assets protected. Most people need business loans to get their dreams started. Even if it’s just a partial loan, you still owe the money, and if the business fails, there will be difficulties in covering the cost.

This can help to repay the business debt if an owner passes away due to illness but can also cover many other aspects of a company that needs to close down.