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Highly rated by our clients on reviews.co.uk

Business Protection Insurance

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Business Protection Insurance

Business protection insurance advice from Black Lion could safeguard all the hard work you’ve put into your business.  Realistically, If you run a business, you should ask yourself this question: Have I done enough?  Explicitly, if the worst happens, do you know that the worst WON’T happen?

In our opinion, it’s better to be safe than sorry.  If you’re not 100% sure, talk to the business insurance experts at Black Lion Insurance.   Essentially, we aim to be your go-to financial advisers, offering a wide range of business protection insurance to safeguard all the hard work you’ve put into growing your company.

In other words, our business insurance advice can help your business to stay in business.

Your business – Let us help you protect it

Here at Black Lion Insurance, we understand the highs and lows of running your own business.  Basically, It’s hard work!

However, the rewards can be substantial and not just from a financial point of view.  On the positive side, whatever sector you work in, you know you’re doing the right thing.

By and large, your employees turn up every day and you’ve got satisfied clients.

Well done.  That’s quite an achievement in itself.

But, will it always be like that?  How do you know?

Business Protection Insurance. Here’s how we can help you.

We offer independent, impartial advice on all types of business protection insurance.   If you’re not sure what you need, give us a call and we’ll be pleased to help.

Keyman Insurance

Also known as key person insurance, this is an important type of cover and well worth considering.  Why? Because the sudden loss or critical illness of a high-performing or valuable senior member of staff could affect the profits of your business almost overnight.

By the way, you can read more about our advice services on keyman insurance here.

Essentially, Black Lion Insurance can advise on the best policy to deliver a pay out in effect to compensate for loss of knowledge, supplier/client relationships or that all-important business network.

Shareholder Protection Insurance

Shareholder protection insurance provides money into your business to buy back a deceased or critically ill shareholder’s shares.  In summary, it enables the remaining shareholders to retain control of a company.

In general, this policy could help minimise disruption to your business and protect its continuity.

Read about Shareholder Protection Insurance in more detail.

Business Loan Insurance

While you may be in good health now, that may not always be the case.  In order to protect the continuity of your business if you die or become seriously ill, business loan insurance can pay out a lump sum to pay off your business loans or any other credit you may have.

Particularly, it’s something worth considering if you’re concerned about any debt that may be inherited in your business.

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Keen to learn more about our financial advice?  Great.  We’ve got some great bargaining power on our side.  Furthermore, we’re not tied to any one insurer.  Our team will work hard to get you the best possible option from the policies we research on your behalf.

Of course, it goes without saying that we’re fully regulated and can set up the policy for you.  Also, don’t worry if you need to make a claim. Just give us a call and we’ll support you through the claims process.

Keyman insurance protects your business financially, should you lose a valuable Member of the team, due to serious illness or death.

Essentially, this person would be crucial to your business.  Someone you couldn’t management without.  For example, it could be the founder, directors or senior member of staff.

The insurance company will pay a cash lump sum to your business, should one of the key individuals covered pass away or suffer a serious illness.

You choose how much cover you would need for that key person. It is recommended that a key person in your business be covered up to twice their contribution to gross profits,.  Alternatively, cover could be up to five times their contribution to net profits.

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What Are your Options?

Keyman Life Insurance

You’ll be able to cover your your business in cases of death of a key person, or if they become terminally ill.

 

  • Loss of business contacts.
  • Problems meeting loan repayments
  • Difficulties in raising money for future projects or developments

 

Key Person Critical Illness Cover

If a key member of your staff suffers a serious illness (for example a stroke, heart attack or cancer), critical illness cover could protect your business.

You can use the lump sum for anything in your business.  Otherwise,  you can protect against numerous other losses that your business could suffer, including but not limited to the following:

 

  • Losing business contacts.
  • Problems meeting loan repayments
  • Difficulties in raising money for future projects or developments

Shareholder Protection Insurance

What is shareholder protection insurance?

This is a form of business protection insurance that provides your organisation with  a cash lump sum, in the event of the death or critical illness of a shareholder.

To explain further, this lump sum gives the remaining shareholders the right and the finances finances to buy back the shares.  As a result, they can keep control of the business and trading can continue as normal.

Also, the deceased shareholder’s family, or the shareholder themselves can also be offered the chance to monetize the shares in the business.

What are the policy options?

Individuals take out a personal shareholder insurance policy

An individual takes out his or her own life shareholder insurance, which will last until retirement age.

Premiums will be charged to the individual shareholder and be paid from post-tax income, therefore resulting in no tax relief.

Premium equalisation

It is essential to take into account any differences between shareholders, such as age and health issues.

Importantly, this could result in older shareholders having to pay more for a lower level of protection.

In our opinion, Equalisation is well worth considering.  Why?  Because it ensures that HMRC does not view the policy as a ‘gift’ to younger employees, or those with a smaller share in the business. Usefully, Equalising means that the cost of insurance is divided equally between shareholders.

The business creates shareholder insurance policies on behalf of their employees

Your company would create a policy for shareholders with the insurance premiums being paid for by the business. Therefore, this is seen is a deductible business expense for corporation tax. Furthermore, it is regarded as a benefit in kind for the shareholders, so will be taxed accordingly.

For both policy options, the policy is written into trust for the benefit of the remaining shareholders.

Upon serious illness or death, the insurance company will pay out to the other shareholders.

Business Protection

Life Insurance

Accident and Sickness Insurance

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About Us

We are a dedicated team of financial advisers, with years of experience in guiding our clients to a solution that meets their specific needs. Black Lion Insurance specialises in helping both employed and self employed individuals, as well as business owners to protect the people and the things that matter most in life.  Such as? Your family’s lifestyle, your income, your business and the people in it. 

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

Black Lion Insurance & Black Lion Wealth are a Trading Style of PRG Protect Ltd

PRG Protect Ltd: Registered in England & Wales, No. 08286239.  Registered Office: 51 The Parade, Cardiff, South Glamorgan, Wales, CF24 3AB