Business Protection
- Protect Your Business Against the Unexpected
- Tailored Cover Including Relevant Life, Key Person & Shareholder Protection
- Expert Advice to Safeguard Your People, Profits & Continuity
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Business Protection – Safeguarding Your Company’s Future
Your business is more than your livelihood — it’s something you’ve worked hard to build. But what would happen if you, a co-director, or a key employee were suddenly unable to work due to illness or death?
Business Protection Insurance ensures that your company can continue to operate smoothly, protecting your business, employees, and loved ones from financial disruption.
At L & K Financial, we offer clear, personalised advice on a range of business insurance solutions, including Relevant Life Cover, Key Person Insurance, and Shareholder or Partnership Protection.
Why Business Protection Matters
Every business relies on people — its directors, owners, and employees. If one of them passes away or becomes critically ill, the financial impact can be significant. Business protection policies help safeguard your company against these risks by:
- Providing funds to cover lost profits or replace key staff.
- Enabling surviving partners or shareholders to retain control of the business.
- Protecting families by ensuring the value of ownership is realised fairly.
In short, it’s about ensuring that your business can continue to thrive, no matter what life brings.
Relevant Life Cover
Relevant Life Cover is a tax-efficient life insurance policy designed for directors and employees of limited companies.
It pays out a lump sum to the employee’s family if they pass away (or are diagnosed with a terminal illness) during the policy term. The key advantages are:
- Premiums are usually paid by the business and may be tax-deductible.
- Benefits are paid outside the business and estate, often free of inheritance tax.
- Ideal for small businesses that don’t have access to group life schemes.
At L & K Financial, we can help structure a relevant life policy that’s both compliant and cost-effective — protecting your employees and rewarding loyalty.
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Key Person Cover
Every successful business has individuals whose knowledge, skills, or relationships are vital to its success. Key Person Insurance provides a financial safety net if that person dies or becomes critically ill.
It ensures your business has the funds to:
- Replace lost profits or revenue.
- Hire and train a replacement.
- Repay business loans or maintain cash flow.
We’ll help identify your key personnel and calculate the right level of cover to protect your business from financial strain.
Shareholder or Partnership Protection
If a business owner or shareholder dies or becomes seriously ill, their share of the business may pass to their estate or next of kin. This can create uncertainty for both the remaining owners and the family involved.
Shareholder and Partnership Protection provides the funds needed for the remaining partners or shareholders to buy back the shares — keeping control of the business and ensuring the deceased’s family receives fair value.
We’ll help you put a clear agreement and suitable cover in place so your business can continue without disruption.
Tailored Advice for Business Owners
Every business is unique — and so are its protection needs. At L & K Financial, we’ll take the time to understand your structure, people, and priorities before recommending a tailored business protection strategy.
Our advice is designed to help you:
- Protect against financial loss.
- Safeguard your staff and shareholders.
- Maintain stability and confidence in your company’s future.
Protect Your Business, Protect Your Legacy
You’ve built your business with dedication and hard work — now make sure it’s protected for the future.
Speak to L & K Financial today for professional, personalised advice on business protection insurance, including Relevant Life Cover, Key Person Insurance, and Shareholder Protection.
Based in Nottingham, supporting businesses locally and across the UK.
L & K Financial – Protecting your future, one step at a time.
Frequently Asked Questions – Business Protection
Business protection insurance provides financial support if a key person, shareholder, or director dies or becomes seriously ill. It ensures your company can continue to operate, cover financial losses, and protect ownership and profits during difficult times.
Most businesses rely on a few key individuals whose knowledge or leadership is vital. Without the right cover, their loss could cause serious financial disruption. Business protection ensures stability, helping to replace lost income, repay loans, or enable surviving shareholders to retain control.
A Relevant Life Policy is a tax-efficient life insurance policy set up and paid for by a business on behalf of an employee or director. If that person dies (or is diagnosed with a terminal illness), the policy pays a lump sum to their family or beneficiaries.
It’s ideal for smaller companies that don’t offer group life cover, providing valuable protection while allowing the business to offset the premiums as a tax-deductible expense.
Relevant life cover is available to employees and directors of limited companies, but not to sole traders or partnerships. If you’re self-employed or part of a partnership, other types of business protection may be more suitable — and we can help you choose the right one.
Key Person Insurance protects your business if an essential team member — such as a founder, director, or senior manager — dies or becomes critically ill. The policy pays out to the business itself, helping to replace lost income, recruit a replacement, or cover loan repayments.
A key person is anyone whose absence would have a significant financial impact on your company. This might include directors, top salespeople, technical specialists, or anyone with unique knowledge or relationships that are vital to your business. We can help you assess this during your protection review.
Shareholder or Partnership Protection ensures that if a business owner or shareholder dies or becomes seriously ill, the remaining partners have the funds to buy their shares from the estate. This helps keep ownership within the business and ensures the family of the deceased receives fair value.
Yes — in many cases, premiums can be paid by the business and may qualify as a tax-deductible expense (depending on the policy type and your company structure). We’ll help ensure your arrangements are set up efficiently and compliantly.
Absolutely. Many businesses benefit from having a combination of covers — for example, Relevant Life Cover for directors, Key Person Insurance for senior staff, and Shareholder Protection for business continuity. We’ll help you build a comprehensive protection plan tailored to your business.