Business Protection

A business protection plan can be used to protect a business owner and their family against the financial impact of critical illness or death.

Business owners are different in 3 ways:

1. Providing for their family is entirely up to them.
(Typically no employer benefits on death)

2. They have a business that will make some provision.
(But this is often overestimated)

3. The future earnings of the business are dependent on business partners and other members of staff. (But this is often underestimated)

A business protection plan provides a lump sum payment that can be used to:

retain control of the business in the event of a co-owner’s death
ensure your family can sell their share of the business at a fair price in the event of your death
reduce the financial impact of the death of a keyperson within the business