Business Protection Insurance From Home Shield

 

Business Protection Insurance is a very specialist, and sometimes complex, area. Getting expert advice is crucial in making sure your policies are set up correctly and your company is adequately protected.

 

In April 2010 the British Chamber Of Commerce commissioned research into the Business Protection Gap for Key Man Insurance and Share Protection, which produced startling results. The reported gap is approximately £400 billion each

 

You will find lots of information on this page, however to ensure you are protecting the right people on the right insurance policy its best to take advice and speak to us.

 

  • Key Person Insurance

  • Director Share Protection

  • Business Loan Protection

Keyman insurance, which comes under the umbrella of business protection insurance, is a policy designed to pay out an agreed cash sum if a key employee suddenly stops work due to death or a critical illness.

 

If the policy pays out the proceeds go directly to the company and not to the individual, which is how it differs from a Life or Critical Illness policy. The sum insured is normally larger as well often running to hundreds of thousands of pounds if not more.

 

For many companies Key Man insurance is a critical component of their business plan, as running a successful and forward thinking business is as much about planning for the future as it is handling the day-to-day operations.

Director/Partner protection pays out a cash sum if a Partner or Director (with a shareholding) dies or suffers from a critical illness. If the policy pays out the money can be used by the remaining Partners/Directors to buy his shares from his beneficiaries

 

As its name suggests the owners, the shareholders (or Partners) of the firm. But of course the premium needed to cover the different owners will vary due to age and shareholding. This is discussed in more detail below.

 

Insure for all or part of the value of a Partner's or Director's shareholding which of course can fluctuate over time. Therefore, it's wise to evaluate the amount of cover needed on at least a annual basis.

Corporate banking experts suggest that around half of all corporate debt, especially among smaller firms and start-up, have some sort of personal guarantee in place undertaken by the directors. One of the most common is a second charge on a director's property

 

As its name suggests Business Loan Protection is a form of insurance designed to repay all or part of a company's debts should a key employee die or suffer a critical illness.

 

It is a more restrictive policy than another form of keyman insurance called profit protection as the money can only be used to repay debt, including an overdraft facility rather than for general use such as shore up profits or retrain and recruit staff etc.

 

For more information and quotes on any form of business protection insurance please either call us freephone on 0800 612 200 or complete the below enquiry form and we will get back to as soon as we can.

 

 
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