DO YOU HAVE BUSINESS INCURANCE ?

This is a tax efficient way for an employer to provide death in service cover for an employee or business manager.

This insurance is a privilege for your employee.

The policy must be placed in Trust.

If there is a limited liability company, the life insurance monthly premium for the employees - executives of the company are a business expense for the company.

If you are an executive  employee of a Limited Liability Company and you want to protect your family financially, you can have a Relevant life insurance which would be a business expense for your company.

We can only insure people until they reach the age of 75.

Losing the skills, knowledge and contacts of a key employee who can’t work due to illness or injury, can have major financial consequences both for them and your business. 

If that CEO were you and due to a serious injury or diagnosis of a critical illness you were unable to work for an extended period of time, what financial impact would there be on your business's revenue?

During this time, not only would you not have any salary, but your company's expenses for insurance and pension contributions would run and you would have to pay yourself the basic sick pay for the first 6 months.

With the  Executive income protection, in case of your inability to work you can receive up to 80% of your gross salary and 80% of your dividends for the next 24 months or until retirement if you would not be able to work again in your own occupation.

We can also add pension and NI contributions to be paid to you additionally if you were incapacitated to work for any mental or physical illness.

Although you can’t predict the future, Executive Income Protection cover can give your business vital financial breathing space, and it’s also a tax efficient protection plan for both you and your employee.

If the person insured is unable to work and we begin to pay your claim, the monthly benefit is paid to your business, which is normally classed as a trading receipt. You then pass the appropriate amount to your employee via PAYE, after deduction of any employer's National Insurance Contribution or pension contribution, if you choose to cover these expenses. 

This insurance premium is  going to be a business expense for your company.

This means the overall position should be tax neutral for your business. However we recommend you check the position with your accountants and your local inspector of taxes.

Combined Life and Critical Illness cover to protect your business is aimed at small and medium-sized businesses (SMEs) to help secure their financial future by providing a lump sum cash payment in the event the business owner or key person is diagnosed with a critical illness, has a terminal illness or prematurely die.

If you were diagnosed with a critical illness, would you like to have financial support from your insurance company?

With life and critical illness insurance, you can have financial support at such a difficult time and this monthly premium would be a business expense for your company.

 What is loan protection?  Financial protection is vital to ensure that a business can repay corporate loans should  the worst happen.

Cover your company’s financial stability  in times of uncertainty If a business owner dies or suffers a terminal  illness, lenders may have the right to demand  that any outstanding loans are paid back.

These  could be difficult to pay off at short notice. 

How does Business Loan Protection help? In the event you lose a business partner,  you may want or need to repay outstanding  business loans, some of which may have  personal guarantees or have to be repaid  when someone dies. 

Our Business Loan Protection provides peace  of mind, because it provides a lump sum to  cover your business loans 

Keep control of your business.

 If a business owner dies or suffers a terminal  illness, their share of the business usually passes  to their beneficiaries. 

To regain control of that  share, surviving business owners may need to  buy that individual’s part of the business.

 Many  businesses don’t have the money to do this and  it can be costly to borrow.

 How does Shareholder and Partnership  Protection help? 

We’ll pay a lump sum if a business owner dies or  suffers a terminal illness. This provides the capital  to enable the surviving business owners to buy  that individual’s share of the business – allowing  them to keep control.

LTD OWNERS AND SELF EMPLOYED PEOPLE CAN INSURE THEMSELVES AND THEIR FAMILY MEMBERS UNDER THE SAME PLAN.

 THEIR MONTHLY PREMIUM WILL BE A BUSINESS EXPENCE FOR THEIR COMPANY.

  Private health insurance:

 Private medical insurance is designed to cover  the cost of private medical investigations and  treatment for ‘acute conditions’ that start after  your policy begins. 

 An acute condition is a disease, illness or injury that is  likely to respond quickly to treatment that aims to  return you to the state of health you were in  immediately before suffering the disease, illness or  injury, or which leads to your full recovery. 

 When life throws you an unexpected  challenge, access to diagnosis and  treatment are what matters most,  along with genuine help, support and  understanding from people who care. 

 The earlier you get help, the sooner you  can start feeling like yourself again. 

 With Private Health Insurance cover you’re seen  and treated quickly when you’re ill. 

You’re  treated in a private hospital, or the private  wing of an NHS hospital. And you have your  treatment in comfort – usually your own  room, an en-suite bathroom, and flexible  visiting hours. 

What’s more, if you have cancer cover,  you can access breakthrough treatments,  including new cancer drugs, as soon as  they’re licensed – meaning there’s evidence  they work. 

Commercial insurance is insurance that protects businesses and this will be a business expense for your company.

PUBLIC LIABILITY INSURANCE : covers claims brought by people that interact with your business, such as customers, clients, and members of the public.

  It covers 3rd party accidental property damage and 3rd party bodily injury claims. This cover includes products lability as well.

PRODUCTS LIABILITY:  Would protect you from a claim for Food Poisoning.

BUILDINGS INSURANCE FOR BUILDING OWNERS. This buildings insurance cover protects the structure of your home including the walls, roof, permanent fixtures and fittings (such as fitted kitchens and bathrooms), and any outbuildings (such as garages and sheds). 

It can pay up to £1million to cover loss or damage to your buildings caused by certain events such as fire, storm, flood, theft, escape of water, malicious damage and vandalism. 

CONTENTS INSURANCE:  covers the cost of replacing or repairing your possessions if they are damaged, destroyed or stolen.  

It can pay up to £75,000 to cover loss or damage to your contents caused by certain events such as fire, storm, flood, theft, escape of water, impact, subsidence, malicious damage and vandalism. This limit may be increased to £100,00 

EMPLOYERS LIABILITY INSURANCE: covers the cost of compensating employees who are injured at or become ill through work. 

PROFESIONAL LIABILITY INSURANCE : protects you against claims for loss or damage made by clients or third parties as a result of the impact of negligent services you provided or negligent advice you offered. Compensation claims can be brought against you even if you provided a service or offered advice for free. 

Get in touch please to see what your business needs are and which cover/s you need.