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Business Protection

Every business needs to protect itself. For most businesses the most valuable asset it has is its people. Without them, a company’s survival could be at serious risk.
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Protect your Biggest Asset

We can help you take the right steps to protect your employees and your business. After all, you already protect many of the important things that keep your business running smoothly, like property, fleets and stock. So, you should also insure your most valuable assets: your staff and shareholders.

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Business Protection Statistics you can't ignore:

Business protection insurance is crucial for safeguarding companies against unforeseen events that could jeopardise their operations. However, many businesses remain unprotected, facing significant risks as a result. Consider the following statistics:
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Lack of Coverage Among Small and Medium-sized Enterprises (SME's): Approximately 44% of UK SMEs have no commercial insurance, equating to over 2.4 million businesses operating without essential protection. (Source: smetoday.co.uk)
Business Continuity Planning: The Chartered Management Institute (CMI) reported in their 2010 survey that less than half of UK organisations have an adequate Business Continuity Plan (BCP) in place. (GOV.UK)
Financial Vulnerability: 75% of businesses would cease trading within 12 months of losing a key person, highlighting the critical importance of business protection insurance. (Source: legalandgeneral.co.uk)
Please note, the figures quoted are likely to have changed over time and should not be used as advice. It is intended for illustrative purposes only, please speak to an adviser if you have any questions.
These figures underscore the potential consequences of inadequate business protection. Without appropriate insurance, companies risk severe financial instability and operational disruptions in the face of unexpected events.
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Our Business Protection Services

Key Person Insurance

Losing a key employee can significantly impact your business, but Key Person Insurance provides essential protection. Whether covering the costs of a temporary replacement, recruiting a permanent one, or managing the financial impact of a critical illness or death, this insurance ensures your business stays resilient. Our expert advisers can help you find the right policy to safeguard your company’s future and maintain stakeholder confidence.
Book your first appointment for free here > 

Share Protection Insurance

Ensuring the smooth transfer of shares following the death or illness of a director is vital for business continuity. Life cover linked to a shareholders' agreement provides a reliable funding source, giving remaining directors the means to purchase shares and uphold the agreement's terms. With careful planning and the agreement of all parties, this policy can also include critical illness protection, offering peace of mind for all directors or partners involved.
Book your first appointment for free here > 

Directors & Staff Benefits

Attracting, motivating, and retaining talented staff is essential for business success, and getting the right mix of rewards is key. From pensions and life insurance to tax-efficient bonuses and tailored benefits, a well-planned strategy ensures your team feels valued and motivated. With expert advice, you can create a reward package suited to your business and workforce, fostering loyalty and efficiency from the start.
Book your first appointment for free here > 

Income Protection Insurance

Income Protection Insurance offers financial security if you’re unable to work due to illness or injury. Long-term policies bridge the gap between your employer’s sick pay and your pension, while short-term options cover specific commitments like mortgages or loans for up to 24 months. Choosing the right policy ensures your income is protected when you need it most. Our expert advisers are here to guide you through the options and tailor a solution to your needs.
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Relevant Life Insurance

A Relevant Life Insurance policy allows employers to offer individual death-in-service benefits to UK-based employees aged 17–71. Paid for by the employer, the policy provides a tax-free lump sum to the employee's beneficiaries if they pass away or are diagnosed with a terminal illness while employed. Ideal for limited company employees, this policy offers a flexible, tax-efficient solution for enhancing employee benefits without impacting pension allowances. Our advisers can help you explore if this option is right for your business. 
Book your first appointment for free here >

Employer Liability Insurance

Employers are legally required to have Employers' Liability Insurance to protect against claims for workplace injuries or illnesses. This insurance ensures that businesses can meet compensation costs if employees are injured or become ill due to their work. While we don’t offer advice on this type of insurance, it is essential for safeguarding both your employees and your business.
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Beals Wealth Management are proud to be part of Quilter Financial Planning, an award-winning network celebrated for its outstanding customer service, innovative platforms, and exceptional financial strength.

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Frequently Asked Questions

Can Business Protection Insurance be used to cover business debts if something happens to the owner or key person?

While Business Protection Insurance primarily focuses on protecting the continuity of the business, it can indirectly help with business debts. Policies like Key Person Insurance can provide funds to cover operational costs, which may include paying off existing business debts or loans. This allows the business to remain financially stable during a challenging period.

Can Business Protection Insurance Cover Critical Illnesses?

Yes, many business protection policies include critical illness coverage. If a key person or shareholder is diagnosed with a serious illness, such as cancer, heart disease, or stroke, the policy can provide a lump sum payout. This payout can be used to cover business expenses, hire temporary staff, or manage the financial implications of the illness while the individual recovers.

How much does Business Protection Insurance cost?

The cost of Business Protection Insurance depends on several factors, including the size of the business, the type of coverage you require, the number of employees, and the health or age of the key person being insured. Generally, the premium can be more affordable than the financial consequences of operating without coverage. It’s important to evaluate the potential risks to your business and choose a policy that fits your needs.

What does Business Protection Insurance cover?

Business Protection Insurance typically includes Key Person Insurance, Shareholder Protection, and Income Protection for business owners. It can cover the costs of replacing a key person, buying out the shares of a deceased or incapacitated shareholder, or providing income replacement if an owner or key employee is unable to work due to illness or injury.

How can I ensure that my business is protected if a key person dies or falls seriously ill?

Key Person Insurance can provide your business with the financial support it needs in the event of a key person’s death or illness. The policy helps to cover recruitment costs, business expenses, or any financial loss while you replace the key individual. It ensures that the business can continue to operate without facing immediate financial difficulty.

What are the risks of not having Business Protection Insurance?

Not having Business Protection Insurance exposes your company to significant financial risks. Statistics show that 75% of businesses would cease trading within 12 months of losing a key person. If your business relies on specific individuals, their absence could cause severe operational disruptions. Without insurance, your company may struggle to recover, resulting in a loss of revenue, clients, and possibly even closure.

Why is it important for small businesses to have Business Protection Insurance?

Many small businesses are vulnerable to disruptions if a key person or shareholder becomes incapacitated or passes away. Without business protection, your company could face financial instability, which may lead to loss of clients, difficulty in hiring replacements, or even the collapse of the business. Insurance ensures your business can survive and continue operating during tough times, securing its future.

How Does Business Protection Insurance Help with Continuity Planning??

Business Protection Insurance is a crucial component of a business continuity plan. It helps ensure that your business can continue to operate in the event of unforeseen circumstances, such as the death or illness of a key person, business owner, or shareholder. By having the right insurance in place, your business can maintain financial stability, recruit replacements, or cover operational costs without disruption.

What is Shareholder Protection Insurance?

If a shareholder dies or is diagnosed with a terminal illness, the policy pays out a lump sum to the remaining shareholders, enabling them to purchase the deceased shareholder’s shares and maintain control of the business. This helps prevent external parties from taking control and provides financial stability for the business.

What is Key Person Insurance, and why is it important for my business?

Key Person Insurance is a type of life insurance that protects your business in the event of the death or critical illness of a key employee or business owner. The policy provides a lump sum payout that can be used to cover the costs of replacing the individual, recruiting a temporary replacement, or addressing the financial strain caused by their absence. It ensures that your business can continue to operate smoothly during a challenging time.

Looking for a financial adviser near you?

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Email us: info@bealsfs.co.uk
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The guidance and/or information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

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Registered office address: Unit 1 Fulcrum 2 Solent Way, Whiteley, Fareham, England, PO15 7FN. Registered in England and Wales under reference 08286166
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