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Business health and protection insurance

by John Saunders
13th Jan 20 12:43 pm

What is it and How Important is it to Your Business and Employees?

Running a business can be a complicated matter and in the fast-paced times we live in today, it is vital to do everything possible to protect your business assets and people you rely on. Business Protection Insurance is the ideal way to protect your valuable business if, and when unexpected circumstances arise.

Key Person Protection

Every company has a key person they rely on for the majority of the business. This person or these people are those that have positions of high importance and should unfortunate situations arise taking them out of the company, the business would have the potential to go under. These key individuals in your company require key person protection as it provides funds for training new key people and compensation for profits lost due to the key person’s death or illness.

Employee Life Insurance

When in business, employee and leader relations are vitally important, but every business owner should understand that as they rely on their employees for their work attributes, that employee relies on the owner to provide income for their families. It is a balancing act that deserves security. Employee life insurance is the ideal way to provide peace of mind to your employees. Should the employee fall to tragic circumstances, employee life insurance provides a lump sum payout to that employee’s family. It allows the employee to work without being concerned about what would happen to their family should unfortunate circumstances arise.

Group Income Protection

Your employees often become your extended family as you see them daily, get to know them and sometimes spend more time with them then you do on your actual family. We know sickness and accidents do happen, and as business owners we want to make sure we are covering our staff if tragedy strikes. Group Income Protection insurance provides a fall back for the employee should an accident, illness, or disability temporarily take them out of work. Like life insurance, it provides peace of mind to the employee knowing that should they become injured and unable to work, their family will remain with an income on a monthly basis.

Group Private Medical

The NHS is a huge help to people across the UK, but as Brexit concerns mount and the tension around the NHS increases, employees can become concerned that their medical needs may not be addressed in timely manner. Private medical insurance has become more popular throughout the country and businesses greatly benefit from investing in group private medical insurance.

What Group Private Medical insurance does for your employees is provides a way for them to receive quality medical care for treatable conditions when the NHS fails. Group private medical provides you the ability to put more confidence in your employees as they will ultimately have far few absences due to mild illness or the inability to get to a doctor. In today’s world, a lot can happen and group private medical is just another way to show your employees you care about their needs, so they work harder for you.

Group Critical Illness

Cancer and other serious illnesses are an unfortunate reality these days. Currently in the UK, there are almost 1000 documented cases of cancer diagnosed every day. However, due to long recovery times, the victim can be out of work for a very long time leaving their family with a financial void to fill. Group Critical Insurance is available to help fill that void.

Should any employee covered by group critical insurance fall prey to one of the many critical illnesses in the world, their family is presented with a lump sum payout to alleviate expenses during their recovery time. Where some businesses deem this, not their problem, it is vital to company morale and employee productivity to have group critical insurance in place as an option for employees as it gives them one less thing to think about should an unfortunate diagnosis occur.

Shareholder protection

Shareholders are the backbone of a modern business. They make the primary decisions regarding how the business ultimately runs and where, in the future, the company is headed. The loss of a shareholder can be devastating, but also cause for much concern as the shareholder’s assets tend to pass to a family member who may or may not have the company’s best interests in mind. The loss of a key shareholder can potentially bankrupt an up and coming business, but shareholder protection is here to help.

In the event that a shareholder is lost or unable to work for any reason, shareholder protection calls for a plan of action, so to speak. It ensures that there is a plan for how and who the shareholder’s assets will fall to in regard to the company. Shareholder protection ensures the life of the business as it allows for a specific benefactor to be named to take over the shares thereby ensuring that those key shares do not pass to someone who ultimately does not care for the company.

If you would like to learn more about the options to help protect your business and your employees; visit https://hoorayinsurance.co.uk/ to learn more.

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