Business Protection

Business protection insurance protects a company financially when its owners or employees are affected by illness or death. It can help support owners in making sure their business survives in challenging times. Your clients already understand the need to protect their business premises and equipment. However, many forget about their most valuable asset – their staff. The death or critical illness of a key employee or co-owner can seriously impact on a business, financially as well as the loss of key knowledge. Business protection can help ensure the long term financial health of the business during difficult circumstances.

Who it can help

We offer solutions to businesses of all sizes and types – including limited companies, sole traders, partnerships, and limited liability partnerships (LLPs).

At AIG, we understand that different businesses need different types of protection – particularly for partnerships and shareholders. Because of this, we make it possible to take out a ‘life of another’ plan or an ‘own life’ plan, which is then written into a business trust.

So, whatever type of business your client has, we offer the protection they need.

We have a dedicated specimen business trust document together with specimen option agreements. We cannot advise on whether putting a plan into a trust would be suitable for the client’s particular circumstances and would recommend that they take professional legal advice on the suitability of these specimen documents.

Our solutions

Key Person Cover

Key person cover protects businesses if an employee who significantly contributes to their success becomes terminally or critically ill, or dies.

Business Loan Protection

Business loan protection gives co-owners cover for any business loan payments that may be at risk, in the event of death or illness.

Shareholder Protection

Shareholder Protection allows for a planned succession of a shareholder or partner’s business stake should they fall ill or die, with options such as required buybacks.

Partnership Protection

Partnership Protection provides partners with the cash flow necessary to buy back the ownership stake of a partner or member of a limited liability partnership who has died or taken ill.

Relevant Life Insurance

Relevant life insurance allows business owners to provide their employees with death-in-service benefits outside a registered group life scheme. It’s designed to pay out a lump sum on death or diagnosis of a terminal illness. Straightforward and cost-effective, it can also be tax-efficient for the business and the employee.

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Literature and support materials

Business Protection - Adviser guide

This Business Protection help to support and streamline the advice process.

Download Updated 01 Nov 16
Term Assurance for Business - Key Facts

For more information on AIG's Business Protection with Term Assurance cover, visit our Key Facts.

Download Updated 30 Sep 18
Term Assurance for Business - Cover Details

Read our Cover Details for an explanation of how AIG's Business Protection cover with Term Assurance works.

Download Updated 30 Sep 18
Critical Illness for Business - Key Facts

For more information on AIG's Business Protection - Critical Illness with Term Assurance cover, visit our Key Facts.

Download Updated 30 Sep 18
Critical Illness for Business - Cover Details

Read our Cover Details for an explanation of how AIG's Business Protection - Critical Illness with Term Assurance product works.

Download Updated 30 Sep 18