Your staff are the most valuable part of your business. Providing them with peace of mind is key to their wellbeing. Group Life Assurance, Income Protection and Critical Illness cover give your employee and their loved ones vital support during difficult times.

It is prudent to minimise your business risks. What would be the impact on your business if you lost a key individual? Key Person Insurance and Shareholder Protection ensure business continuity despite unforeseen events.

Group Life Assurance

Your staff are the most valuable part of your business. Providing your employees with the peace of mind in knowing that if they die whilst in service, their loved ones will be cared for is an effective way of showing your commitment and appreciation. As a benefit which does not form part of any employee’s estate, payment can be made quickly and directly to the beneficiaries without having to wait for probate. 

From an employer’s point of view, Group Life Assurance can be a tax effective benefit with premiums often allowable against Corporation Tax and is often very competitively priced.

Income Protection

Although none of us knows what the future holds, we can plan for some eventualities. Illness, accident or disability can affect anyone, resulting in a prolonged period of time off work and significantly affecting income. There is a great chance that someone could have an extended period of being unable to work through illness or injury, yet this is an area that many people are not protected against. Being unable to work can see many employees relying on savings or Government support which could see them struggling to make ends meet. 

Group Income Protection provides a vital safety net at a difficult time, whilst helping employers to support their staff, manage absences, and control the costs associated with of long-term absence. Insurers also provide a high level of support services to assist with a return to work or early intervention to support employees before any claim is required.

Critical Illness

Statistically now 1 in 2 people will suffer some form of cancer in their lifetime and statistics from the British Heart Foundation show (BHF UK CVD Factsheet July 2021) someone is admitted to hospital every 5 mins suffering a heart attack. Suffering a critical illness like this is increasingly survivable (7 out of 10 people now survive a heart attack – BHF UK CVD Factsheet) however this may require some significant lifestyle changes or may impact on future earnings. Critical Illness insurance provides a lump sum on diagnosis which may provide a welcome boost for employees helping them to adjust.

Key Person Insurance and Shareholder Protection

What would be the impact on your business if you lost a key individual? Most likely there will be an impact on the running of the business whilst it adjusts and decides on the future direction. There may be a need to recruit someone to replace the lost individual or restructure the business in some way. All of which would likely impact on profitability either from additional unexpected expenses or loss of productivity. If the business has sought finance (e.g. a loan) would the lender require the loan to be repaid early? Providing a cash lump sum into the business at such a difficult time would provide a business with financial security and space to move forward. Key person insurance can be provided to cover the loss of profit, additional costs and the repayment of loans. 

Losing a business partner would be bad enough. But without the funds to buy their shares, you could find someone else in the driving seat. Shareholder protection could give your business the money it needs to buy shares back if a partner falls critically ill or dies.