Business Protection

Why do you need Business Protection?

Protect your lifeline

Your business is your lifeline, it’s what gives you your lifestyle and standard of living. It must be protected from unexpected disruptions and allowed to continue with minimum impact on your team.

A business protection plan does just that. It allows a business to continue to function following the loss of one of their key employees or one of the business owners through death, critical illness or temporary disablement. Business protection is available for partnerships (including limited liability partnerships), shareholders, sole traders and key employees. It can also be used to help ensure repayment of a business loan in the event of death or critical illness of a partner, key person or sole trader.

There are a range of business protection options available as part of the planning service provided by Duke Godley. We’ll guide you through them to find the most appropriate one for your specific business needs.

Relevant Life

A Relevant Life plan is a term assurance plan available to employers to provide an individual death in service benefit for an employee. It's designed to pay a lump sum if the person covered dies whilst employed during the term. A Relevant Life plan is paid for by the employer.

Note that life insurance plans typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse.

Keyman Cover

Keyman insurance gives a business protection if suddenly one of the key people within your business suddenly falls critically ill or has a disablement; perhaps someone like a managing director or partner; who is critical to the running and success of the business.

If premiums stop, then cover will lapse. Cover is subject to terms and conditions and may have exclusions. Definitions of illnesses vary from product provider and will be explained within the policy documentation.

Shareholder Protection

As the name suggests, shareholder protection offers protection from unforeseen circumstances with regards to the owner of the company. If, for example, a shareholder was to suddenly pass away, a shareholder protection policy would provide the funds for the remaining company owners to purchase the equity of the deceased shareholder, especially if the beneficiaries are not interested in the business or not qualified to continue in the role.

Group Life and Income Protection

Group life and income protection aims to provide an income to an employee when they are unable to work long term, as a result of an illness or injury. This sort of policy usually provides up to 80% of an employee's salary if they are unable to work due to illness or injury for a prolonged period (usually six months).

Implementing Death in Service Group Protection Client Background

A mid-sized professional services firm approached Duke Godley with a key concern: ensuring financial protection for their employees’ families in the event of an untimely death. The company wanted to establish a fair and competitive employee benefit that would both safeguard staff wellbeing and strengthen their overall benefits package.

View Case Study

You probably know what you are doing when it comes to your finances. We get that.

But we also know that we are at the top of our game when it comes to the latest financial information, market trends and regulations. Moreover, with our years of experience in the field, we’ve learned how to find creative solutions to complex situations and we’ll tailor our approach to your unique circumstances.

Give us a call on 020 8515 1200 or email us if you’d like to discuss how we can help with your investment strategy,
whether it’s for you personally or your business.

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Duke Godley Financial Services Limited is authorised and regulated by the Financial Conduct Authority
The Financial Conduct Authority does not regulate taxation and trust advice, cash flow modelling, wills and power of attorney.
We are entered on the Financial Services Register No 629938 at https://register.fca.org.uk/
The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK
For unbiased advice and information regarding your finances, you can rely on 'MoneyHelper', which is the FCA's consumer site.
Your capital may be at risk when investing.

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Duke Godley Financial Planning Limited

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Your capital may be at risk when investing.

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