There’s never been a more important time for business owners to consider buying business protection as part of its risk management.

While larger businesses are likely to have well-developed succession plans, smaller businesses will be more vulnerable should they lose the services of a key person or be presented with business loans through death or a critical illness.

Relevant Life Plans are considered as Business Protection, but it’s actually death in service (DIS) life cover for employees. The life insurance is taken out and paid for by the employer on the life of an employee, and then placed in trust. They are highly tax efficient as unlike group schemes they are usually considered a business expense. A Relevant Life Plan can be used to cover company directors and those who own their own business, provided it is registered as a company in the UK and they take a PAYE salary from the enterprise. Additionally they are an excellent way to recruit and retain staff through good employee benefits.

Download our business protection leaflet