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“Mind Your Own Business..."

Picture this: you’ve spent years building a successful enterprise, overcoming hurdles, and turning challenges into triumphs. But what happens when life throws unexpected curveballs your way? 

Step forward Business Protection — a financial safety net that not only shields your business but also safeguards your family’s future.

To find out how much cover you need to be protected, fill in the form – we’ll run the numbers and get back to you with the latest options.

Or feel free to call us NOW on:

According to recent industry data, 52% of businesses would cease trading in under a year if a key person died or became critically ill.*

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What type of protection do you need?

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Want to know more about Business Protection?

Consider John, a thriving entrepreneur in his mid-40s, steering his company through the ever-evolving market.

Just as he was revelling in the success of a new venture, life threw a curveball. The unexpected demise of a key partner left the business vulnerable, teetering on the brink of uncertainty. This is where business protection steps in as a beacon of stability, offering a financial lifeline to ensure the seamless continuation of operations.

Profit Armour Entrepreneur enquiring about protection

Keyman Insurance is a strategic risk management tool for safeguarding against the impact of key personnel disruptions.

If you have key people working in your team that the business would struggle without, Keyman Insurance is the insurance  is a policy where a business insures its crucial employee or “key person” to mitigate financial loss if they pass away or become unable to work. The business pays the premiums and is the beneficiary, receiving a lump sum payout in such events. This insurance helps cover recruitment costs, revenue loss, or debts associated with the key person’s absence. It provides financial stability and aids in business continuity during challenging transitions, ensuring the company can adapt and recover effectively.

Business manager discussing insurance in meeting

Relevant life insurance is designed to provide a tax-efficient way for employers to offer life insurance coverage to their employees, particularly for key personnel or directors. 

Your life insurance protection is paid for by your Ltd company as a legitimate tax deductible expense.  You also save as you don’t need to pay further tax on any income required to pay the policy personally, so the savings add up quite significantly versus a personal policy. 

The policy is paid for by the employer and the benefits are received ‘tax free’ by the intended beneficiaries assuming the policy is held in trust.

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Shareholder Protection is an insurance designed to safeguard businesses by providing funds in the event of a shareholder’s death or critical illness.

In such situations, the policy pays out a tax-free lump sum to the remaining shareholders, enabling them to purchase the deceased or critically ill shareholder’s stake. This ensures a smooth transition of ownership, prevents financial strain on the company, and maintains stability. Shareholder Protection policies are essential for securing business continuity, preserving the interests of surviving shareholders, and avoiding potential conflicts or external takeovers during challenging circumstances.

Employee group discussing life insurance

A Group Life Insurance policy is a collective coverage provided by employers for their employees. It offers financial protection to employees’ families by paying a lump sum in the event of an employee’s death.

Typically, the coverage is a multiple of the employee’s salary. Group Life Insurance is a valuable employee benefit, fostering loyalty and aiding recruitment. The premiums are often more cost-effective than individual policies. The employer owns the policy, and employees may receive coverage without the need for medical underwriting. Overall, Group Life Insurance contributes to the well-being of employees and reinforces a company’s commitment to its workforce.

Group meeting about critical illness

Group Critical Illness Insurance is a collective policy offered by caring employers to provide financial protection to their employees facing severe health issues.

 In the event of an employee’s diagnosis with a covered critical illness, the policy pays a lump sum. This benefit aids in covering medical expenses, mortgage payments, or other financial obligations during a challenging period. Group Critical Illness Insurance is a valuable employee benefit, offering peace of mind and financial support during health crises. As with Group Life Insurance, it is a cost-effective way for employers to enhance their benefits package and demonstrate commitment to employees’ well-being.

Unsure what type of insurance you need?

Chat to one of our business protection experts to get the cover you need. 

We would almost always recommend a Trust Arrangement: To ensure tax efficiency and smooth payout (avoiding estate and probate holdups), we would recommend set up within a discretionary trust. This helps in avoiding potential inheritance tax issues also.

We would always recommend specific accountancy advice to ensure compliance with HMRC.

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How to get the
business cover you need

Like John,  you have plenty of things demanding your attention and time right now, that’s why we try to make getting the right protection for your business as hassle-free as possible. Here’s how…

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Get in Touch

Understanding your needs is the first step to finding the right coverage. That's why it all starts with a quick chat with one of our specialists to ask just a few questions about your business and who you are looking to protect. We can offer invaluable advice on structure here.

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Get Options

Next up, we'll get to work to research and compare a wide range of insurance providers, considering factors such as premiums, coverage, and service to provide you with side-by-side analysis, ensuring you choose a policy that suits your needs and business budget.

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Get Insured

Finally, once you are happy you have found the right cover for your business and family, we'll help you navigate the application process by handling all of the paperwork and dealing with any queries, so you can get protected as quickly and easily as possible.

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The answers you are looking for...

How much cover do I need?

Our service to you is bespoke and to answer this question will depend on your needs and crucially your budget too. But with  just a quick phone call, we will be able to recommend a suitable amount AND get your application started. 

 

How long do I need cover for?

Usually as long as the risk continues – consider any debts in the business, the age of any dependents, financial goals you may have, and what income or retirement income is required. Once any risk is lifted fully, you can cease the cover.  We’ll happily advise you on the situation, in line with your requirements.

Why put life insurance in trust?

There are many reasons – you can mitigate estate taxes since the policy is outside of your estate, you can ensure a faster payout by bypassing probate, you can make sure the monies go to the right individual(s), however, always take advice from a suitably qualified estate planner or IFA as well.

Why use a specialist broker for business protection?

It’s simply too complex a market to try without, by using a specialist broker, like us, it can give you extra confidence that your business, family and future have the right protection. 

Profit Armour is a small but mighty team of business insurance experts, specialising in shielding entrepreneurs with bespoke business protection.

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Profit Armour is a trading name of Insurance First Brokers Limited who are an Appointed Representative of PRIMIS Mortgage Network, a
trading name of First Complete Ltd. First Complete Ltd is authorised and regulated by the Financial Conduct Authority.

The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

*Source: 6th edition of Legal & General’s (L&G) “State of the Nation” SME research

Registered address as per Companies House: Strover House, Crouch Street, Colchester, Essex, England, CO3 3ES. 

Place of Registration: Registered in England & Wales · Company Number: 02169477

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