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Life Insurance

Critical Illness

Business Protection Insurance

The business insurance market can be confusing, with so many products to choose from. Your adviser will take the confusion out of business insurances and present impartial options, allowing you to easily make sense of what is available.

Business Protection Insurance in Bristol

The UK is a nation of small businesses and entrepreneurs. Of the 67 million people in the UK 1, at the start of 2021 there were 5.5 million small businesses (or 8.2% of the population). 2 

Business protection insurance can be a more efficient way to help business owners plan for the unexpected by providing cover to minimise disruption following the loss of one of their key employees or a business owner through death, critical illness or temporary disablement.

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The plan will depend on the type of business and its needs. There are different solutions depending on whether you are a limited company, partnerships (including LLP's), sole trader or a key person.

Broadly there are two solutions, The Life of Another or Own Life in Trust.

Under the life of another solution, a plan is taken out on the key person's life. If the key person suffers a critical illness or dies, the plan benefits will be paid directly to the company. 

The funds can be used to meet the company's financial needs while it re-organises or recruits a replacement. In the case of a critical illness claim, the key person may return to work so the funds can be used to pay for a temporary replacement or replace lost profits.

What is a business protection plan?

An insurance contract helps protect a company financially should a key person be diagnosed with a critical illness or suffer premature death. 

Why do I need business protection?

What is shareholder protection?

Shareholder Protection is an insurance policy that provides funds for company owners to purchase the equity of a deceased shareholder, along with a cross option agreement and a suitable trust.

Cover tailored to your business needs will allow your business to access enough funds to enable the company to trade by replacing key people, paying off creditors, replacing lost income, or repaying bank loans.

What is the tax treatment for business protection insurance?

Keyman insurance premiums are tax-deductible in most cases. With tax relief on the premiums, HMRC will typically tax any money from the policy as a trading receipt.  With no tax relief, HMRC will not generally the proceeds as a trading receipt. Shareholder or partnership protection generally do not benefit from tax relief on premiums. There is no income tax liability on a claim nor any capital gains tax in the hands of the original owner.

Business Protection Insurance Questions

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It is available for partnerships (including limited liability partnerships), shareholders, sole traders and key employees. 

Business protection insurance can help ensure repayment of a business loan in the event of death or critical illness of a partner, key person, or sole trader. 

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