Our Services / Business Protection
Why do you need to protect your business?
Protecting your business is more about protecting your future, your employees, your commitments. Should your business lose a key person through death or critical illness, such as the business owner, key shareholder, partner or key employee, someone who is integral to the everyday running of your business, this can have a detrimental impact on your output. A business protection plan can assist your business in continuing to function to its best ability.
Monies from the business protection plan could ensure key individuals are temporarily or permanently replaced, debts or loans are protected and potentially, the purchasing of shares of the deceased key person.
What does a protection plan cover?
Business protection plans often cover several different aspects of a company, including key man or key person cover, shareholder and business partner protection, and loan protection:
Key person protection - covers your profits should you lose a key member of your company.
Shareholder and business partner protection – a lump sum payment to enable the company to continue trading, should a business partner or shareholder be diagnosed with a critical illness or die.
Loan protection – allows repayment of loans with a payment if a partner or shareholder dies.
A claim may be paid to a business, not a family member.
To work out a business protection plan, it is often important to sit down with your financial advisor and have them talk you through your options. Experience in this field is an enormous help and Mitchell & Company is able to clarify which business protection plan best suits your enterprise.
As with all types of insurance, limitations and exclusions apply.