Corporate Protection Insurance Frequently Asked Questions

Finding the right protection for your business can be complicated, and that’s why we’ve made it simple.

Frequently Asked Questions

Our FAQ page aims to answer any questions you may have regarding corporate protection insurance in general and our specific processes here at Busy Bees Benefits.

Below, you can find out more information about how corporate protection cover can support a business, why and how you should review existing policies, and what protection is best. We also answer questions about the different types of corporate protection cover.

 

What is corporate protection insurance?

Corporate protection insurance consists of a variety of policies that protect your business by providing financial support should a selected employee, partner, shareholder or director pass away or become seriously ill.  At Busy Bees Benefits, we offer a wide range of services from executive income protection to shareholder and partnership cover and more complex corporate planning and consultation.

 

What corporate protection insurance do you offer?

We offer key person cover, executive income protection, shareholder & partnership protection, business loan cover, relevant life cover and health screenings.

 

What is key person cover?

Key person cover is a policy in which a business insures itself against the financial loss it would experience if a key person in the business passes away or is diagnosed with a specified critical illness.

 

What is executive income protection?

This type of protection provides key members of staff with income replacement in the event of them being unable to work due to sickness or injury.

 

What is shareholder and partnership protection?

Shareholder protection and partnership protection helps surviving owners keep control of the business if another equity holder passes away or is diagnosed with a specified critical illness.

 

What is business loan cover?

Business loan cover refers to a policy that is taken out on the life of a key individual or individuals so that if they were to pass away or be diagnosed with a specified critical illness, a lump sum of money is received to pay any outstanding debts or loans.

 

What is relevant life cover?

Relevant life cover is a life insurance policy that allows companies to offer and fund an individual death-in-service benefit to an employee. It is a tax efficient life insurance policy that pays out a lump sum if the employee dies or is diagnosed with a terminal illness.

 

What are health screenings?

Health screening allows employees to see where their health is at and helps businesses take care of their employee’s health and wellbeing.

 

How does corporate protection insurance help a business?

Regardless of company size, having the right cover in place can provide peace of mind and help support your business if an employee suffers a specified critical illness or passes away.

 

Why should I review my corporate protection insurance?

Corporate protection insurance is designed with the business in mind. These solutions help to ensure that the business and its stakeholders are always protected. For example, services such as key person cover, executive income protection, and business loans cover are all designed so that businesses will receive financial support if something bad were to happen to a key employee, partner or director. When your employees are protected, so is your business.

If your organisation has grown, your cover may not reflect the up to date valuation of the business. By reviewing your existing insurance regularly, you can ensure that you’re always sufficiently covered.

As well as this, as times change, so do your business needs. Originally, you may not have thought key person cover was necessary, but as company dynamics change, you need to review your protection accordingly. When you review your policies periodically, you can be sure your business remains adequately protected.

 

What is the best way to review my corporate protection insurance?

In order to ensure that your business is getting the best cover, it’s important that you:

 

How do I set up corporate protection insurance?

Busy Bees Benefits experienced and knowledgeable consultants work with businesses across a variety of sectors to devise suitable solutions  to protect businesses. All services are designed with your business in mind, meaning you can have peace of mind.

Our consultants provide comprehensive support to help you get the appropriate solution in place. In order to get the ball rolling, you can either talk to us or alternatively book a consultation. We then take the time to fully understand your business, and we will speak to you about what level of cover you want. We present you with the best options and let you assess which is best for your company. Then, when you have found the protection you want, Busy Bees Benefits will set it all up for you.

 

Does it matter what policies I set up?

Yes. As an employer, you should consider which policies are going to provide the greatest protection for your business. For example, would you or your employees see the benefits of using health screenings? Do you have anyone specific in mind for key person cover? Choosing the right policies will financially protect your business in the best way possible based upon the budget you have available.

 

Who can I cover within my policy?

Our corporate protection insurance could cover directors, partners, senior management and key employees so that the business or individuals within the organisation are covered should these team members pass away or become seriously ill. Of course, you understand your business better than anyone, so it’s completely up to you who you cover.

 

Why can’t I complete my quote online?

At Busy Bees Benefits, we offer a bespoke service that tailors your business protection to you and your company. Because of this, we do not offer generic online quotations. Call us on 01543 484935 and we will take the time to fully understand you and your business needs. This allows us to provide you with a service that ensures the solution is right for your business.

Can’t see your question here? Get in touch. Email your question to corporate@busybeesbenefits.com.