DO YOU HAVE BUSINESS INCURANCE ?

Relevant Life Insurance can provide an individual life insurance benefit for an employee or director, with the policy arranged and paid for by the employer.

It can be particularly useful for employees or directors of a limited company who want life cover but may not be eligible for, or may not need, a group death-in-service scheme.

The policy is normally written under a relevant life trust, with the policy benefits paid in accordance with the trust arrangements and policy terms.

Relevant Life Insurance can be a tax-efficient way for an employer to provide life cover for an eligible employee or director.

Subject to the relevant rules and the individual's circumstances, premiums paid by the employer may qualify as an allowable business expense, and the benefit can have favourable tax treatment compared with the employee arranging equivalent cover personally.

The tax treatment of Relevant Life Insurance depends on the individual circumstances and the applicable tax rules. You should seek appropriate tax advice if you require advice on the tax treatment of the policy or your business.

If you are a director or employee of a limited company, Relevant Life Insurance may allow your company to arrange life cover on your behalf, providing financial protection for your family in the event of your death.

The amount of cover and eligibility will depend on your circumstances, the insurer's criteria and the policy terms.

Relevant Life Insurance is generally available to eligible employees and directors rather than business owners taking cover purely in their capacity as shareholders.

Age limits and other eligibility requirements vary between providers. For the products available through our service, we will explain the relevant eligibility criteria before you apply.

Get in touch to find out whether Relevant Life Insurance could be suitable for you or your business.

The loss of a key director or employee due to illness or injury can have a significant financial impact on both the individual and the business.

If you are a director or key employee and were unable to work for an extended period because of illness or injury, what would happen to your personal income — and what impact could your absence have on your company's finances?

Executive Income Protection can provide financial support when an eligible employee or director is unable to work due to illness or injury, subject to the policy's definition of incapacity and terms and conditions.

Depending on the policy and level of cover selected, the insurance can provide a monthly benefit designed to replace part of the insured person's income during a period of incapacity.

The maximum benefit, payment period and definition of incapacity vary between providers and policies. Some policies may also offer options to help cover certain employer pension contributions or National Insurance costs, subject to the policy terms.

The benefit available will depend on factors such as the individual's income, the insurer's limits and the type of cover selected.

If a key person is unable to work for an extended period, the business may continue to have financial commitments while also dealing with the impact of their absence.

Executive Income Protection can provide additional financial support during this period, helping the business and the insured individual manage the financial consequences of a prolonged absence.

Depending on how the policy is structured, the benefit may be paid to the company, which can then account for the payment and any payment to the employee through the appropriate payroll arrangements.

Where an employer arranges and pays for Executive Income Protection, the premiums may, depending on the circumstances and the nature of the policy, qualify as a business expense.

Where a claim is paid to the business, the tax treatment of the benefit and any subsequent payment to the employee will depend on how the arrangement is structured and the applicable tax rules.

Tax treatment depends on individual circumstances and can change. We recommend that you speak to your accountant or appropriate tax adviser regarding the tax treatment of any Executive Income Protection arrangement.

Executive Income Protection can be an important part of a company's wider employee and business protection strategy.

We can assess your circumstances and explain the available options, including the level of benefit, deferred period, maximum payment period and additional benefits that may be available.

All cover is subject to the insurer's eligibility criteria, policy definitions, exclusions, terms and conditions.

The unexpected death or serious illness of a business owner or key person can have a significant financial impact on a company.

Combined Life and Critical Illness Cover can be arranged as part of a business protection strategy to provide a lump-sum benefit if an insured business owner or key person dies, is diagnosed with a covered critical illness, or meets the relevant policy definition for another covered event.

The purpose of this type of protection is to help the business manage the potential financial consequences of losing an important person.

If you or another key person were diagnosed with a serious illness and unable to continue working, your business could face additional costs, loss of revenue or difficulties replacing your skills, knowledge and experience.

A valid insurance claim could provide a lump sum that may help the business with costs such as recruiting or training a replacement, managing cash-flow pressures or meeting other eligible business expenses, depending on how the policy is structured.

In the event of the premature death of a key person, the benefit could also provide the business with additional financial resources to help manage the impact of their loss.

Where the policy is arranged appropriately for business protection, the premiums may potentially qualify as a business expense, depending on the circumstances and the purpose and structure of the policy.

Tax treatment depends on the individual circumstances and how the policy is arranged. We recommend discussing the tax implications with your accountant or an appropriate tax adviser.

Ask yourself:

If you or another key person were unable to work because of a serious illness or died unexpectedly, how would your business cope financially?

We can help you assess the potential risks to your business and explain the available life and critical illness protection options.

All benefits are subject to the insurer's eligibility criteria, policy definitions, exclusions, terms and conditions.

Business borrowing can be an important part of growing and managing a company. However, the unexpected death or serious illness of a business owner or key person could create additional financial pressure and make it more difficult for the business to meet its borrowing commitments.

Business Loan Protection is designed to provide a lump-sum payment following a covered event, such as the death or diagnosis of a specified critical illness of an insured business owner or key person.

The purpose of the cover is to provide the business with funds that could be used towards repaying or reducing eligible business loans and other related financial commitments, subject to the policy terms and how the cover has been arranged.

This can be particularly important where business borrowing is supported by a personal guarantee or where the business could face financial difficulties following the loss or incapacity of a key person.

If a key business owner or person responsible for the company's borrowing were to die or suffer a serious illness, the business may need to find funds at a time when its financial position could already be under pressure.

Having appropriate protection in place can provide additional financial resources and give the business greater flexibility to manage its outstanding borrowing.

The amount and type of cover should be considered in relation to the company's borrowing, the people involved, the term of the loans and the relevant lender requirements.

Could your business repay its outstanding borrowing if a key person were no longer able to contribute to the business?

Business Loan Protection can form part of a wider business protection strategy, helping you plan for the financial consequences of unexpected events.

We can assess your circumstances and explain the available options to help you determine whether this type of protection could be suitable for your business.

All cover is subject to the insurer's eligibility criteria, policy definitions, exclusions, terms and conditions.

For many business owners, their share of the company represents a significant part of their personal wealth and the value they have built over many years.

If a shareholder or business partner dies or suffers a covered terminal illness, their interest in the business may pass to their estate or beneficiaries, depending on the legal and contractual arrangements in place.

This could create a difficult situation for the remaining business owners. They may want to retain control of the business, while the deceased owner's family may need to realise the value of their interest.

Shareholder and Partnership Protection can be designed to provide a lump-sum payment following a covered event, such as the death or qualifying terminal illness of an insured business owner.

The proceeds can provide the surviving owners with the funds they may need to purchase the affected owner's share or partnership interest, subject to the appropriate legal agreements and policy terms.

This can help provide financial security for the departing owner's family while giving the remaining owners the opportunity to maintain control and continuity of the business.

Without appropriate funding in place, the surviving owners may have to find a substantial amount of money at short notice to purchase a business interest.

They may otherwise need to use personal savings, borrow money or consider alternative arrangements that could affect the business and their own finances.

Having protection and an appropriate shareholder or partnership agreement in place can help ensure that there is a clear plan for what happens if an owner dies or suffers a qualifying illness.

If one of the business owners could no longer continue due to death or serious illness, would the remaining owners have the funds to retain control of the business?

We can help you understand the protection options available and work alongside your other professional advisers to ensure the insurance arrangement is considered alongside the appropriate legal agreements.

The ownership, trust and tax arrangements can be complex. Legal and tax advice should be obtained where appropriate. All insurance benefits are subject to the insurer's eligibility criteria, policy definitions, exclusions, terms and conditions.

If you are self-employed or run a limited company, Private Medical Insurance can provide access to private healthcare for you and, depending on the policy, your partner and children.

Private Medical Insurance is generally designed to cover eligible investigations and treatment for acute conditions, subject to the policy terms, conditions and exclusions.

An acute condition is generally an illness, disease or injury that is expected to respond to treatment and result in recovery or a return towards the level of health you had before the condition occurred.

When you or a member of your family becomes unwell, having access to appropriate diagnosis and treatment can provide additional choice and flexibility.

Depending on the policy selected, private medical insurance may provide access to:

• private consultations and medical investigations;
• eligible private treatment and surgery;
• a choice of participating hospitals and specialists;
• private hospital accommodation, where included;
• additional support services provided by the insurer; and
• certain cancer investigations and treatments, subject to the policy terms.

The exact level of cover varies between insurers. Some policies may offer access to a broader range of hospitals, specialists, treatments or additional benefits than others.

Depending on the insurer and policy selected, you may be able to include your partner and children on the same private medical insurance policy.

The cost will depend on factors such as the people covered, their ages, the level of cover selected, excesses and the insurer's underwriting approach.

For limited company owners, private medical insurance may be arranged through the company, but the tax treatment depends on the circumstances and how the policy is structured.

Private medical insurance provided by an employer can have tax implications for the employee, and the treatment may differ depending on whether the policy covers the employee, their partner or family members.

If you are self-employed, the tax treatment of private medical insurance can also be different.

We recommend that you speak to your accountant or an appropriate tax adviser to understand the tax treatment of your particular circumstances before making a decision.

Private Medical Insurance policies can differ considerably in their benefits, exclusions, excesses, hospital lists, underwriting options and costs.

We can help you compare the available options and understand what is and isn't covered before you decide whether private medical insurance is suitable for you and your family.

All cover is subject to the insurer's eligibility criteria, policy definitions, exclusions, terms and conditions.

Get in touch to discuss your requirements.

Every business faces different risks, depending on its activities, premises, employees, customers and the services or products it provides.

Commercial insurance can help protect your business against certain unexpected events, claims and financial losses.

Depending on your business and its activities, you may need one or more types of commercial insurance.

Public Liability Insurance can protect your business against claims made by customers, clients, visitors or members of the public who suffer accidental injury or whose property is accidentally damaged as a result of your business activities.

For example, if someone is injured on your business premises or their property is accidentally damaged while you are providing your services, you could face a claim for compensation and associated legal costs.

The level of cover and circumstances insured will depend on the policy selected.

If your business manufactures, supplies, sells or distributes products, you could potentially face a claim if a product causes injury or property damage.

Products Liability Insurance can provide protection against eligible claims arising from products supplied by your business, subject to the policy terms and conditions.

For example, a food business could potentially face a claim relating to food poisoning. Whether a particular claim is covered will depend on the circumstances and the policy.

If you own a commercial property, Buildings Insurance can protect the physical structure of the property, including elements such as walls, roofs and permanent fixtures and fittings, together with certain outbuildings where included.

Depending on the policy, cover may apply to loss or damage caused by specified events such as fire, storm, flood, escape of water, malicious damage and vandalism.

The appropriate level of buildings cover should reflect the estimated cost of rebuilding the property and the requirements of the specific policy, rather than simply its market value.

Commercial Contents Insurance can protect business equipment, furniture, stock and other contents against specified risks.

Depending on the policy, this could include loss or damage caused by events such as fire, theft, escape of water, storm or accidental damage, subject to the policy terms, exclusions and individual item limits.

The amount of cover required will depend on the value and nature of the contents your business needs to protect.

If you employ people, Employers' Liability Insurance can protect your business against claims from employees who suffer an injury or illness as a result of their employment.

Employers' Liability Insurance is legally required for most employers in the UK, subject to certain exemptions.

The level of cover and policy requirements should be considered in accordance with your business circumstances and applicable legal requirements.

Professional Indemnity Insurance can protect businesses that provide professional advice, services or expertise against certain claims alleging financial loss, negligence, errors or omissions.

A client may make a claim if they believe that your advice or professional service caused them financial loss or damage.

Depending on the policy, Professional Indemnity Insurance can provide cover for eligible compensation claims and associated legal costs, subject to the policy terms and conditions.

This type of cover can be particularly important for businesses where clients rely on their professional knowledge, advice or specialist services.

There is no single insurance package that is suitable for every business.

The cover you need will depend on what your business does, where you operate, whether you have employees, the premises and equipment you use, the products or services you provide and the risks associated with your activities.

We can discuss your business with you and help you understand which types of commercial insurance may be appropriate for your circumstances.

Get in touch to discuss your business requirements and the cover available to you.

The tax treatment of insurance premiums will depend on your individual circumstances and how the insurance is used. Please speak to your accountant or tax adviser if you require advice on whether a particular premium is an allowable business expense.

All insurance is subject to the insurer's eligibility criteria, policy definitions, exclusions, terms and conditions.