Company Group Risk & Business Protection
Group risk benefits are a high-value, low-cost solution for employers seeking to bolster their employee benefits. Instead of shouldering all the risk on your own, you have the option to opt for company life insurance policies, such as business life insurance, that can cover a portion or the entirety of your liability for death benefits, long-term sick pay, and critical illness benefits for your employees.
Whether offered as a standalone benefit or as part of a comprehensive benefits package, company life insurance for employees provides them with valuable access to financially secure protection coverage that might otherwise be challenging to afford or obtain individually.
Discover the advantages of a company life insurance policy and other group risk benefits for your workforce today.
Protection for your employees incase of critical illness.
Group Critical Illness
Provide financial support should the worst happen.
Group Life Insurance
Protection for when the unexpected happens.
Group Income ProtectionCOMPANY GROUP RISK & BUSINESS PROTECTION
With our comprehensive group risk and protection solutions, we give top priority to protecting employees and their families in the event of death during their service. We also provide extensive support for critical illnesses and injuries, ensuring their well-being.
Safeguard your business against disruptions involving shareholders or partners, and fortify financial stability by securing your business loans against future uncertainties.
Shareholder Protection can ensure that business succession is guaranteed, should the death of a shareholder occur. Life insurance is arranged on each shareholder’s life to the value of their share in the business and in the event of death, the sum assured would be payable to the deceased shareholder’s family via a trust in exchange for their business shares. Shareholder Protection can be arranged as Life cover or Life with Critical Illness cover.
Executive Income Protection pays your business a monthly benefit if, due to illness or injury, the life assured is unable to perform their occupation and so loses taxable earned income. The benefit can be used to pay replacement taxable earned income to the employee through PAYE during their period of incapacity.
A Relevant Life Policy is a way of providing Death-in-Service benefit for individual employees. Relevant Life Policies are suitable for directors or any employee of a business and offer a tax-efficient way of arranging ‘personal’ life insurance. A Relevant Life Policy is taken out on the life of the employee by the company and paid for by the company, with the likelihood of premiums being classed as a business expense. Policies are written in Trust and benefits are paid to nominated beneficiaries via the Trust.
Key Person Income Protection pays your business a monthly benefit amount if, due to illness or injury, the life assured becomes unable to perform their occupation. The benefit can be used to help cover any loss of profit or pay for a replacement employee.
Key Person insurance is designed to provide businesses with cover for outcomes such as lost profits and/or the cost of replacing a ‘key’ employee, in the event of death or critical illness. The company would take out a policy on the life of the key person based on the employee’s value to the business and in the event of a claim, the benefit would be paid to the business. The business can then use the benefit in whatever way they deem to be most suitable.
The death of a Partner could cause a business problems such as, dissolving of the Partnership if no agreement is in place, entitling the deceased’s family to their share of the business or having to pay the deceased’s estate their entitlement if there is an agreement in place. Also, if the business is an LLP and there aren’t any funds to buy the deceased’s interest, then their estate will be entitled to profits on an ongoing basis. Life insurance or Life with Critical Illness cover can be arranged to provide a solution to these possible problems.
Business Loan Protection is designed to protect such liabilities as loans, overdrafts, commercial mortgages and director loan accounts. Business loan protection policies can be taken out by the company on the life of a director or employee, as either Life or Life with Critical Illness cover, which would pay a lump sum benefit to the company, to be used to help repay any such liabilities.
Why business protection is important
Ensuring a company’s stability amidst unforeseen circumstances is vital for its long-term prosperity. By providing coverage for key personnel and owners, potential disruptions to operations can be mitigated. Furthermore, offering life insurance as an employee benefit demonstrates a company’s dedication to the well-being of its staff, contributing to the attraction and retention of talent. This approach of dual benefits not only bolsters the company’s resilience but also nurtures a culture of security and concern for employees and their families.
