Most people who own businesses are very much passionate about their work. They encounter everyday challenges in innovative ways and keeps growing their businesses. But most often, they fail to acknowledge future potential risks that can damage their business. As a business owner, the hazards that can threaten your company in the future are diverse and very much unpredictable. It can be in the form of new competitors entering the market, losing your key employee, losing one of your stakeholders, or not getting enough credit from the bank. So to tackle unprecedented circumstances that can take over your company, you need to hedge yourself from all these risks with a business protection insurance. Business protection insurance is part of our Commercial Insurance policies and offers a set of various policies that helps your company in the event of a financial or operational fall-out.
How does Business Protection Insurance work?
Business protection insurance includes plans that cover employees, directors, stakeholders, as well as group risk benefits. Features of this cover include:
- Life cover for employees: Employees are your greatest asset as far as your business is concerned. So losing one of your key employees will be a significant loss to the employee’s family as well as your business. Life cover for your employees ensures that the family of your employee gets paid a lump sum amount in case of death while working for your company.
- Key employee cover: Your business operations can get severely affected in the absence of your key employees. So key employee cover is designed specifically to tackle this scenario. Key employee cover helps you to protect your business in the course of death or severe illness of one or more of your key employees.
- Partnership cover: A sudden demise or absence of your shareholder can affect your business significantly. Partnership cover helps you during such an event by providing your business with a lump sum amount in the event of death or severe illness of one of its shareholders.
- Loan protection: Loan protection helps you to cover business loans and credit facilities in case you lose a business partner or repay outstanding loans.
Why would you need Business Protection Insurance?
There are mainly two benefits of buying Business Protection insurance. They are:
- Ensures business continuity during an unprecedented event that can adversely affect your company operations.
- Business Protection Insurance covers every aspect of financial security that your business requires in case your employees or shareholders get affected by unfortunate events.
Hence, it is necessary that businesses that aim to work at maximum efficiency with minimum interruptions buy a business protection insurance that will ensure business continuity and employee security.