Business Insurance and Protection

“Every single requirement I have, be it either with personal or business, I will always go to SN Financial.

MIE Solutions
– Local Business

People are at the heart of any business and are responsible for its success, so losing a business partner can raise serious operational and financial issues for your company. 

Without Business Protection policies and business insurance, the death or serious illness of a key member of staff could have a significant impact. This can mean that a business has to stop trading, that jobs are lost or that the company falls into new ownership if you cannot afford to purchase shares.

Jack talking business insurance

To help businesses in Worcestershire and the surrounding areas secure their business assets, we offer a range of specialist business insurance and protection services:

Key Person Insurance

Relevant Life Insurance

Group Life Assurance

Private Health Insurance

executive assistant Robyn Doherty

Key Person Insurance

Cover can be taken out on key members of staff including Directors in order to release business capital if a key person gets a critical illness or dies. The plan is owned by the company and therefore the company will receive any claims directly. Premiums are paid by the company and are treated as a business expense, but this must be agreed with HM Revenue and Customs. Cover can include, death benefit, terminal illness benefit and critical illness.

Relevant Life Insurance

Cover can be taken out on any key member of staff including directors. The plan is owned by the company and is set up into Trust and any claims will be paid to the chosen beneficiary and not the company. This will be paid to the chosen beneficiary. The premiums are paid by the company and are treated as a business expense, but this must be agreed with HM Revenue and Customs. Again, cover can include, death benefit, terminal illness benefit & critical illness.

Jack talking to a client about business insurance

Private Health Insurance

Healthcare insurance is referred to by a variety of names including PMI (private medical insurance), private health insurance, private healthcare and private health cover. Business health insurance provides healthcare cover for your employees to access private medical treatment and other health services with an aim to support them back to health and work quickly.

Essentially, health insurance is designed to pay for private medical treatment when you need it. As the treatment is private you have quick access to eligible treatment in a private hospital or medical facility.

One of the key benefits is the convenience. Once you have a referral from your GP you can choose who you would like to see, where and when from a list of approved specialists and hospitals. For a business this flexibility helps minimise time out of the office.

Plans can be tailored to you and your employees’ needs by choosing from a range of cover options, providing policies that offer the right level of cover for your business.

Group Life Insurance

There are a number of advantages for companies adopting a Group Life policy:

For employers:

Helps to enhance the overall benefits package which will assist in attracting and retaining valued staff

Premiums will normally qualify as an allowable business expense It is important that you review and update your Group Life cover regularly to ensure that it remains appropriate for your needs

For employees:

Gives peace of mind knowing that their loved ones will be supported financially in the event of their death

As lump sums usually do not form part of a member’s estate, these can be paid quickly and are not subject to Inheritance Tax

The insurance is not usually classed as a ‘benefit in kind’ for tax purposes

Need help or advice?