When it comes to safeguarding your business, it’s not just property, equipment, or even digital assets which need to be considered, but also the most vital aspect: your people. In the event of illness or even loss, the impact on both company and the individual’s family can be immense.
As such, it’s important to seek protection. Suitable business protection can not only allow you to operate in confidence, but provide much-needed support to the affected person’s loved ones should an incident occur.
Business protection services
Key Person Insurance
Key Person is a life or life-and-critical-illness policy taken out by the business on an employee whose loss would be detrimental to the business such as: loss of sales and revenue, the business’s profitability, loss of credibility, key relationships, unique skills or loss of knowledge. This cover can help a business protect itself from uncertainty as the loss of a key person can be catastrophic.
Shareholder Protection
Shareholder Protection is also a life or life and critical illness policy that company owners/shareholders take out on each other. This can be arranged in multiple ways but ultimately provides security for surviving shareholders to retain control of their business by providing financial support to purchase the shares of the deceased or incapacitated shareholder.
The Consequences of No Protection
Failing to prepare is preparing to fail. In the event of an incident and no cover, the following may arise:
Financial strain on the business
The impacted company may need to borrow or sell assets to buy shares.
Disputes over valuation and control
A lack of protection can lead to conflicts among shareholders.
Reduced staff or customer confidence
Uncertainty can affect morale and loyalty.
Financial and reputational damage
This is especially risky for SMEs with few shareholders.
Protect your people and business today
Nowadays, offering comprehensive employee benefits is no longer a luxury – it’s a strategic necessity. At Clear, we help businesses support their employees’ health, wellbeing, and financial security while also safeguarding the business itself against unforeseen risks.
If you would like further information or to discuss your specific insurance requirements, reach out to our Employee Benefits team via EBenquiries@thecleargroup.com.
