Business protection insurance can help your business guard against the illness or death of its employees. These products recognise the impact that losing key skills and knowledge can cause to a business, while other products like group protection can support employees and their families.
Group policies can provide cost-effective plans, protecting those who might not otherwise be able to afford this insurance. They are also tax-efficient way for business to support their employees. There are several types of employee protection, which generally provides funds to the employee, their family or their dependants.
CIC is designed to pay a cash lump sum or monthly income on diagnosis of a specified critical illnesses, during the policy term.
Provides funds to cover the cost of private medical expenses, diagnosis and treatment.
Employees are paid a percentage of their income if they’re absent from work due to illness or injury.
Relevant Life Cover allows employers to provide a lump sum to their employee’s families should their employee pass away.
Business protection policies are paid out to the company or business, helping them to keep trading when the unexpected happens.
Why is business protection important?
53% of businesses would cease trading in under a year if a key person died or became critically ill.
Insure your business against the loss of profits it may suffer should a key person die or suffer a critical illness.
Providing the funds to buyout another shareholder should they suffer a critical illness or pass away.
You may already have some ideas about the solution you need, and simply want help putting it in place in a cost-effective way. However, as your business grows or changes direction you may find that you would benefit from a review of your current plans and a strategic view of what’s available in the marketplace to ensure your protection offering is current and applicable to your workforce, particularly with a more remote way of working in operation.
We can offer a review of your current arrangements and recommend the most appropriate mix of products to protect your business and your employees.
As a business matures and adapts, the protection it needs can change too. Wren Sterling can support you with a business protection review. This can help your business become more resilient to unforeseen changes due to the illness or injury of your people.
51% of maturing businesses are family owned, with an average of 30 employees. How would a loss of an employ or key person affect the business and its staff?
The support you’re able to offer your staff in the form of employee benefits may be out of date. Depending on the demographics of your staff, they may value a different selection of products. For example, new joiners may not appreciate the availability of childcare vouchers, but your existing employees may depend on them. Employee benefits can help you show your employees how much you value them.
Combined Life insurance and CIC policies are designed to cover a critical illness (on diagnosis of a specified illness), or death (providing a lump sum to beneficiaries). These policies may be cheaper – but there are disadvantages.
A ‘key’ member of staff is defined as someone who is crucial to the success of a company. This could be any employee, or even someone who is directly allied to the company, whose loss would have an affect on the business. Similar to life insurance, except Keyman insurances would provide a lump sum to a company rather than the employee’s beneficiaries.
Group policies offer cost-effective plans, protecting those who might not otherwise be able to afford this insurance, and are a tax-efficient way for business to support their employees.