There are numerous aspects to business protection which can be divided into protecting the business itself and protecting its employees.
In terms of protecting the business we need to consider a variety of possible future events and calculate their impact – would profitability be affected / would the business survive??
Business protection is about protecting for the unexpected. We readily take out insurance to protect physical assets such as business premises, plant & machinery, computer equipment, etc. yet overlook one vitally important aspect.
Providing protection for the most valuable asset of your company, the employees, can reinforce and safeguard employee and employer relationships.
With business protection in place you can -:
There are different protection products to provide a safety net for all types of business -:
We can advise on all these areas taking into consideration the specific nature of your business and determine how a lack of protection could impact on your success and longevity.
In terms of protecting its employees, by way of an attractive benefits package, pretty much anything available to an individual can be offered on a group basis however, due to economies of scale, the group terms are generally better in terms of cost and level of cover.
Below are a few of our core offerings -:
Death in Service
This is a group arrangement where all, or specific, employees are offered life and/or critical illness whilst an employee of a company until retirement. Benefits are simplicity of administration, tiered benefit level if required and a ‘free cover limit’ meaning an amount of cover can be offered with no medical disclosure whatsoever.
Private medical insurance can be offered to all, or specific, employees and even their families. Whilst receiving the best treatment quickly is of great importance to employees there is a significant benefit to the employer in ensuring the fitness and wellbeing of its employees to minimise any impact of profitability due to absence of an employee. Benefits levels tend to be greater through a group arrangement in addition to be being more competitively priced.
Group Income Protection
Much like its individual counterpart this scheme can be used to supplement a sickness package by ensuring income is provided to long-term absentees. The benefit can be paid either directly to the employee or to the business (to then pass through the PAYE system).
These contracts are rolling annual contracts so do require reviews to ensure that they are still providing the best the market can offer. We regularly review our clients schemes but also welcome the opportunity to see if we can make any improvements to any other existing schemes.
Whilst protection is widely available, ensuring you get the most appropriate type of contract with the right features, is key to the role we provide. Decisions made during the discussion and research phases can have a huge impact on ensuring you apply for the best policy for your needs and we guide you every step of the way.
A few types of protection are below ...
This is used for many purposes; most commonly to protect a family by paying out a lump sum in the event of death or critical illness within a set period of time. Term Assurance, whilst usually fixed once a contract starts, can provide a level benefit or one that increases or decreases to most suit the requirements. Death benefit can be complemented with critical illness/terminal illness/total & permanent disability in accordance with the needs or indeed budget.
Family Income Benefit
Similar to Term Assurance above, in fact this is classed as a Decreasing Term Assurance, but any benefit paid out is made annually to aid cash flow.
Designed to replace lost income in the event of an accident or illness that prevents you from working. This is a ‘must have’ contract for any self-employed individuals who cannot rely upon an employer to support them; or any employees whose contract of employment does not offer a comprehensive long-term sickness package.
Private Medical Insurance
This insurance covers the costs of private medical treatment for curable short term medical conditions referred to frequently as acute conditions. It includes the costs of surgery, specialist’s fees, accommodation and nursing at a private hospital or in a private ward of an NHS hospital.
PLEASE NOTE: Protection policies often have no cash in value. If premiums are not maintained cover will lapse.