Key Types of Insurance Every Business Should Consider
Why Business Insurance is Essential for Protecting Your Livelihood
Insurance is for assets you need, or want, to protect. If you own a business, then it’s presumably a source of income for you. In fact, it’s probably your sole, or at least main, source of income. This means that protecting your business is likely to be key to protecting your family’s finances. It may also be key to protecting the livelihood of the people who work for you.
This makes a very strong case for using insurance to give your business as much protection as possible, beyond the level which may be mandated by law (e.g. having public liability insurance). There are three forms of insurance which are particularly relevant for businesses.
Protection
Partnership Protection
These policies are basically the same idea. They provide a company with funds to buy out the heirs of a deceased partner or (major) shareholder. This provides the heirs with cash and relieves them of any responsibility to the business. It also allows the business to control its own destiny without the involvement of people who may not understand or appreciate its best interests.
Shareholder Protection
These policies are basically the same idea. They provide a company with funds to buy out the heirs of a deceased partner or (major) shareholder. This provides the heirs with cash and relieves them of any responsibility to the business. It also allows the business to control its own destiny without the involvement of people who may not understand or appreciate its best interests.
Relevant life plans
These work very similarly to life insurance, except they are taken out by a business on behalf of an employee. The business can claim them as a taxable expense and since the premiums are paid by the company they do not count towards the employee’s income or pension contributions allowance.
HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumtances and changes which cannot be foreseen.
Key Person Insurance
Key person insurance is essentially a specific form of life and critical illness cover. It is taken out by a business to protect them from the consequences of a key member of their workforce either dying in service or being incapacitated through critical illness.
These consequences might include having to take on temporary help and/or accept a loss of income until a suitable replacement was found and the need to go through the process of finding and training a replacement.
Vulnerable Customer
We understand that from time to time our clients may find themselves dealing with circumstances which could mean they are potentially vulnerable. For example, a change in health, caring for a family member or coping with the loss of a loved one. There are many different types of vulnerability, and what makes one person vulnerable might not affect someone else. When we are vulnerable, our need for financial advice may change. However, admitting vulnerability or seeking help can sometimes feel hard.
If this is something you would like to discuss with us, please ask for a copy of our support guide or download a copy here. This guide is designed to help explain vulnerability and the ways in which we might be able to support you. If you feel any of the circumstances in the brochure apply to you, please talk to us.
Joanne Gerrard2024-10-25A fantastic professionaland supportive service, providing timely, factual and relevant information. Appletree have made the process hasslefree and stressfree. Would 100% recommend.
Ashley Capstick2024-10-01Kathryn has been amazingly helpful with sorting out our Mortgage. Very responsive & insightful. Highly recommend
m r2024-10-01We have just used appletree for switching mortgages. Kathryn and Faye were both very helpful. Faye in particular was very helpful with dealing with a rather difficult solicitor and getting updates and moving things along, Thanks.
Emma Astley2024-09-26highly recommend!!! Kathryn was very helpful and responded very quickly. will definitely recommend Appletree Financial solutions to all my friends and family.
Martin Shipway2024-09-17I recommend Kathryn Haycock to anyone who requires advice and assistance with a mortgage. She is exceptionally efficient, helpful and diligent. Her level of communication with the client is fantastic and she goes the extra mile to make sure that the client gets the best deal possible!
Karen Holden2024-09-10Brilliant staff very professional and extremely helpful Mark has been fantastic, can't rate the team highly enough 5*
Nikolai Polakovs2024-09-08Kathryn at Appletree was so helpful with me and my partner we got recommended by someone she gave us brilliant advice on what to do next thankyou Kathryn.
Lyndsey Goo2024-08-28Kathryn took all the stress out of our remortgage and helped us understand the rates and options so we could make the best decision for us! Highly recommend
amy crook2024-08-06We have been with Apple Tree for around 5 years now, for finical advise, investing and loans. The team are lovely and always have a great response time either by email or phone.
