What is business protection?
Business protection is a type of insurance that helps protect a business against possible financial losses when illness or death affects the owners or their employees. By including business protection in a firm’s business plans, owners can help the business to survive and continue trading under seriously challenging circumstances.
Business protection is different to personal protection because it reflects particular business needs. For example, the insurance could cover the life of another person such as a key employee, to protect against significant loss of earnings should they die or while they recover from serious illness. Business protection can also be used to ensure the ability of business owners to repay a loan in similar circumstances.