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Why Use Protex Financial For Business Protection?
Here at Protex Financial, we strive to focus only on you; this is why we can offer the best range of insurance advice with access to 1000’s products the business protection market offers. Our insurance brokers can search 1000’s of products to ensure you are getting the most suitable deal you can possibly get.
The FCA, the Financial Conduct Authority, regulates our team at Protex Financial. This means everything we do is for you; we must offer you insurance options, rates, and insurance advice.
“Going above and beyond is what we do; we LOVE our job, and most of all, we LOVE helping our clients.”
If you need any form of Business Protection, then make an appointment with one of our advisors today. We aim to make protecting your family as easy as possible.
Business Protection Services
There are a handful of reasons why we recommend getting a Relevant Life Insurance policy; our team of business protection experts have worked in the industry for many years, and we believe some of the following reasons are the most important;
It’s a tax efficient way of getting life insurance.
Small companies that don’t have enough members for a group scheme.
Cost-effective way for an employer to arrange Life Cover on the life of an employee.
You want life insurance, but want to set-up a plan in a tax efficient way.
To cover the cost of death, from business costs, family needs and more.
People are financially dependent on you.
High earners who don’t want their group death-in-service lump sum benefits included in their lifetime pension allowance.
Employees looking to top up the benefits they get from their employer’s scheme.
We make sure all of our business protection clients understand that even when you pass, your business and family are left behind and may need support. Getting Relevant Life Insurance provides a lifeboat for the people who depend on you when they need it most.
A key person could be anyone crucial to your business’s day-to-day running, such as a director, employee, or anyone whose skill, knowledge and experience can affect your bottom line. Or, to put it another way, what responsibilities might a key person have? Consider if any loans or financial commitments depend on that person, whether their loss would impact sales, or whether their absence would impact future planning.
Key people keep the business cogs turning; we can all have that high performer, skilful individual who took you months to find or even that manager who creates the company culture.
A payout from the policy after the loss of a key person could help with the following situations:
- Loss of revenue/or profits
- Taking the time to replace that key person
- Replace the referrals that the individual was bringing to the business
- Customers and suppliers are losing confidence in the business due to losing that key individual
- Outstanding loans/debt
Many firms borrow money to invest in their business or meet ongoing costs. Still, could your business manage the repayments if a key employee were to pass away sadly or were diagnosed with a critical illness?
Many businesses take out loans to start up a company or to expand their operation. And their ability to repay often rests on a few key people. Insurance helps to pay an outstanding loan if any of those key people were to become critically ill or die.
Business Loan Protection could give your business a financial lifeline in the event of losing a key employee whilst your business also has debts.
A key person is any member of staff who has a direct impact on the business’s profits. They could be a business owner, director or any employee with specialist skills. So ask yourself, if a loss of a key person was to happen, how would this impact your business financially when the debts are still due?
Being unable to repay your business loans can be a serious problem for a business following the death of a key person.
Business Loan Protection could give your business greater confidence in planning its financial future, especially if you have financial debts.
An executive Income Protection plan is designed to help protect businesses against the financial impact of their employee’s incapacity on the business if they cannot work. Businesses can help protect not just an employee’s salary but can also cover dividends and P11D benefits, which form part of their overall remuneration. It’s a great way to help a business give confidence in financial uncertainty that often comes when someone is unable to work due to illness or injury.
An Executive Income Protection plan pays a monthly benefit to the business when employees are absent because they’re unwell or injured. The monthly benefit the business receives can be used to help fund the employee’s ongoing sick pay. The payment allows employees to meet their financial commitments, ensuring they don’t need to rely solely on their savings or state benefits, giving confidence to the employee such that the worst happens and they are unable to work due to sickness or accident.
Losing a shareholder/business partner could substantially impact your business, their families and livelihood. It not only puts financial strain on the business but can also influence who will continue to run the business, especially if the remaining shareholders cannot raise the necessary funds to buy out the deceased shareholders’ beneficiaries.
If your business is structured in such a way with shareholders & business partners, it’s essential to think about what would happen if the worst was to happen to them. Would your business have the required funds to purchase the deceased share? And if not, how the would company then restructure? Would you have to get a loan? Or maybe even be forced to sell the entire company?
If a business owner dies or is diagnosed with a critical illness*, share protection can provide a lump sum to the remaining business owners.
This means that if a valid claim is made during the length of the policy, the lump sum could be used to help purchase the deceased partner, shareholding director, or member’s interest in the business.
Group private health care, also known as group private medical insurance, is a type of health insurance scheme that employers offer to their workers. The system provides for private medical treatment and enables employees to access private healthcare such as consultations, treatments and hospital stays which may include specialists without having to wait for long periods as it may be experienced with national health service (NHS) in UK.
Some of the main characteristics of this plan are:
Covering Employees and sometimes families: Employers usually pay premiums on behalf their staffs although at additional cost some companies allow workers to add members of their families under this cover.
Use of Private Medical Facilities: Private hospitals or clinics are accessible by employees who can see any doctor they prefer at any time convenient to them thus giving more options than public ones where you have limited choice over consultants even if it means waiting longer hours before appointment date comes up.
Shorter Waiting Times: This is its greatest benefit because people get quicker access into the system since delays for appointments with specialists; diagnostic tests like x-rays among others become minimal unlike when using NHS where sometimes it may take weeks before being attended to.
Wide-ranging Coverage: In most cases policies cater for various types of treatments both inpatient/outpatient services, surgeries, diagnostic tests and occasionally alternative medicines plus wellness programs too.
Extra Benefits: Many schemes provide mental health care support, physiotherapy sessions as well screening exercises towards maintaining good state all round care provision .
Benefits To Employer: Offering group private health insurance can be good employee reward package hence attracting best skills into organization besides raising motivation levels while reducing absenteeism due sicknesses since quick medical attention is given.
Group private health coverage serves as an ideal choice for employers as well workers because it guarantees higher quality service delivery convenience peace mind concerning individual’s well-being.
Frequently Asked Questions
Business protection is a term used to describe various insurance covers and strategies meant to shield a business from different risks which may affect its financial stability or operational viability. These precautions are what make it possible for an enterprise to function normally even during unpredicted occurrences or emergencies. The main components of business protection encompass:
Relevant life insurance: Is a tax-efficient life insurance policy designed for employers to provide death-in-service benefits to their employees. It offers similar benefits to group life insurance but is tailored for small businesses, directors, and high-earning employees who might not have access to a group scheme.
Key person insurance: This policy ensures that money is paid out when an essential employee or owner falls seriously ill or dies. Such individuals possess skills, knowledge, and experience without which the company would collapse. The funds may be utilised in paying for recruitment as well as training another worker and potential loss of profits.
Partnership/shareholder protection: It is a kind of assurance where if one partner were to pass away or become critically sick then this scheme allows remaining partners buy-out their shares without any financial difficulties arising in doing so. This helps keep control within current owners’ hands.
Business loan protection: Should someone key such as directorship level staff member dies or gets diagnosed with critical illness then under this plan all outstanding loans will be repaid immediately thereby preventing surviving members of staff/family members from being burdened by debt repayment obligations.
Executive Income protection: When taken out on behalf of either employer himself or any employee within organisation setting should they fall ill/injure themselves rendering them unable work until retirement age what happens here is that regular income replacement benefits are paid until such time employee returns back into employment again provided he/she does get better soon enough not having gone beyond maximum waiting period allowed by policy terms/conditions.
Commercial property cover: This type provides compensation against losses incurred due events like theft fire flood etcetera happening at office complex warehouse factory etcetera thereby ensuring smooth continuation operations with minimum disruption.
Public liability insurance: If sued over damages caused through negligence towards third parties (customers/public) mainly because lack duty care failed protect them then can always fall back on this particular policy for legal costs arising from claimants seeking compensation against such acts omission by business entity involved.
Professional indemnity insurance: When sued over professional negligence or errors and/or omissions which occurred during rendering advice service provision design work on client’s project leading to financial loss suffered thereof due their reliance upon said action in relation thereto then company should have had this cover place at time when those mistakes were made because it helps cater for both damages awarded plus associated legal expenses incurred defending oneself.
Bearing the risk and ensuring continuity of operations even amidst unforeseen challenges is why we need business protection to preserve its financial health.
Yes, it’s possible to make business insurance tax efficient but this depends on the type of insurance and local tax regulations. Here are a few general points to consider:
Premiums as Business Expenses: In most cases, premiums paid for business insurance policies are considered allowable business expenses. This means that they can be deducted from the taxable income of the business thereby reducing its overall tax liability.
Key Person Insurance: Premiums for key person insurances may be tax deductible if the policy is solely for the benefit of the enterprise i.e., finding a replacement or compensating for lost profits. However, it might not be deductibles when these covers benefit either family members or key persons themselves.
Shareholder/Partnership Protection: Taxation treatment surrounding these covers tends to be complex; thus making premium non-tax deductible where individual shareholders or partners are beneficiaries while payout is received by either business or beneficiaries free of taxes.
Income Protection: If a company pays an employee’s income protection policy then such premiums are generally regarded as valid business expenditures which attract deductibility. Nonetheless, benefits realised by staff could attract income taxation.
Relevant Life Insurace: This is 100% tax effecient, regardless if your family or the business gains the sum assured amount.
Getting business insurance is really important and beneficial in many ways:
Financial stability: The main aim of business protection policies is to save you from financial collapse when an unexpected event like death or illness of a key person occurs. It helps cover potential losses and ensures the smooth running of operations.
Risk management: It acts as a safety net against various risks such as loss of employees, financial liability and operational hitches. Taking this proactive approach towards risk can greatly help in preventing small issues from escalating into major problems.
Securing loans for the business: Business protection insurance like business loan protection gives lenders confidence that their money will be paid back even if some members cannot play their part anymore thus making it easy for them to lend more.
Continuity planning/Succession planning: When one partner dies or becomes critically ill shareholder or partnership protection policies make sure that ownership changes hands without affecting day to day runnings which could lead to disputes among other things thereby putting more pressure on the already struggling company financially.
Employee morale/loyalty: Offering full corporate coverage including benefits like relevant life assurance could go a long way in boosting staff morale since they will feel appreciated knowing that their employer cares about them not just at work but also outside by securing their future financially too should anything happen .
Reputation management: With reputation being everything these days having some sort of back up plan (business protection) implemented within your organisation ensures continuity even during difficult times so clients continue getting serviced without interruption thus protecting your brand image altogether.
Tax efficiency: Some types of policies offer tax advantages e.g. deductible premium relief which can significantly reduce overall tax payments made by businesses hence leaving more money to reinvest back into the business itself
Legal obligations: In certain sectors where trustworthiness plays an integral role especially among service providers; there might be need for proof of insurance cover as stipulated under contractual agreements with customers or suppliers thus safeguarding interests parties involved .
Overall, it forms part of an all inclusive risk management strategy for any enterprise that wants to remain strong even when things are not going well hence attracting good employees who would want job security and investors willing put their money into such organisations because they know they will get returns over the long run.
Yes, that’s true. Many policies can be modified to take into account new events in your business, for example growth, additional or new business loans, structure of the business and more. You should check them from time to time just to make sure they still fit your requirements.
To work out the amount of business protection that is needed, it is necessary to think about the particular risks and financial weaknesses of the business. You should start by identifying those employees whose loss could greatly affect operations as well as revenues. Also consider recruitment costs for training replacements; covering up lost profits; settling outstanding loans or other financial obligations related to the enterprise among others. Additionally evaluate assets worth protecting like commercial premises; equipment used in production processes etcetera not forgetting possible legal liabilities.
The exact figure will depend on what type and size of business you have but generally speaking smaller businesses may concentrate on key person insurance along with shareholder protection, while larger businesses might opt for wider ranging policies such as public liability insurance, professional indemnity cover against claims made by clients due negligence or omission on part of an employee during service provision among others. Comparing different quotes from various providers helps select best deal available in market today. Consulting a financial advisor can be very helpful especially when it comes to deciding which areas need more coverage than others based upon one’s own circumstances.
Picking the proper policy relies on your own situation, financial position and objectives for the business. Our advisors are going to evaluate what you require and advise which policies would be best for you, taking into account variables like business position, business size, coverage sum, term duration, as well as other perks. Most importantly, we look to safeguard your business’s future goals to ensure all your hard work does not go to waste.
Yes, you can get insurance even if you have pre-existing medical conditions, although there are many things to think about and steps that you may need to take:
Business Protection Insurance:
Underwriting Process: Insurers evaluate your health by underwriting which can involve filling out a medical questionnaire or even taking a medical examination; the amount charged as premium and extent of coverage available being based on severity and type of disease identified during this stage.
Possible Outcomes: Depending on what kind of illness someone has got they might be subjected to pay more money each month than healthy individuals would or they could be barred from benefits altogether; still many companies offer policies specifically designed for people with bad health.
Health Cover:
Pre-Existing Conditions – In most countries it is illegal for an insurer not to cover someone because of their previous illnesses but in places where those laws don’t exist such individuals may face higher monthly costs or may be excluded from certain types of treatment
Waiting Periods- Some policies may have a waiting period before they cover pre-existing conditions.
Yes, your business can pay for certain types of personal insurance, but there are important considerations regarding the types of insurance, tax implications, and benefits involved. Check our business protection page for more information.
Certain policies, such as relevant life insurance, can be transferred to a new employer or converted to a personal policy if the employee leaves the company. This ensures continued coverage and financial protection for the individual.
When choosing a provider, consider their reputation, the range of policies offered, customer service quality, and the flexibility of coverage options. Comparing quotes and consulting with an insurance broker or advisor can help you find the best fit for your business.
It’s advisable to review your business protection insurance policies at least annually or whenever there are significant changes in your business, such as expansion, new key hires, changes in ownership, or entering new markets. Regular reviews ensure that your coverage remains adequate and up-to-date.