Individual Protection from AIG

Business Protection

Your client may have already taken steps to protect their business against major catastrophes and put together a business continuity plan to ensure its future if things go wrong.

why a business needs protecting

The death or critical illness of a key employee or a co-owner can have a major impact on the business.

Potential risks to the business

  • A fall in sales;
  • A delay to product launches;
  • Delays in the completion of existing contracts (and possible financial penalties);
  • A lack of confidence in the business from a bank, suppliers, customers and other employees;
  • Loans may be called in;
  • Suppliers may demand payment upfront;
  • Customers may choose to go elsewhere; or
  • An increase in recruitment costs, ‘head hunting’ fees, or training costs for a replacement.

Without the cash to buy out a co-owner, the business could even end up in someone else’s hands.

Derek

Male, Aged 52.
Find out more about Derek's protection needs

Read his profile

Jack

Male, Aged 38.
Find out more about Jack's protection needs

Read his profile

Business Protection – how to start a conversation with your clients

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COMPANY VALUATION CALCULATOR

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AIG Business needs risk assessment form

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What is business protection?

Business protection is a type of insurance that helps protect a business against possible financial losses when illness or death affects the owners or their employees. By including business protection in a firm’s business plans, owners can help the business to survive and continue trading under seriously challenging circumstances.

Business protection is different to personal protection because it reflects particular business needs. For example, the insurance could cover the life of another person such as a key employee, to protect against significant loss of earnings should they die or while they recover from serious illness. Business protection can also be used to ensure the ability of business owners to repay a loan in similar circumstances.

Business Protection – how to start a conversation with your clients

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AIG Business needs risk assessment form

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COMPANY VALUATION CALCULATOR

Click here

Derek

Male, Aged 52.
Find out more about Derek's protection needs

Read his profile

Jack

Male, Aged 38.
Find out more about Jack's protection needs

Read his profile

Who can take out business protection?

There are protection solutions available for the specific needs of different types of business, be it a limited company, sole trader, partnership, or limited liability partnership (LLP).

There are different ways of approaching business protection, particularly for partnerships and shareholders. Depending on the circumstances, it is possible to take out a ‘life of another’ plan or an ‘own life’ plan, which is then written into a business trust.

Business Protection – how to start a conversation with your clients

READ MORE

AIG Business needs risk assessment form

READ MORE

COMPANY VALUATION CALCULATOR

Click here

Derek

Male, Aged 52.
Find out more about Derek's protection needs

Read his profile

Jack

Male, Aged 38.
Find out more about Jack's protection needs

Read his profile

Business Protection – how to start a conversation with your clients

READ MORE

AIG Business needs risk assessment form

READ MORE

COMPANY VALUATION CALCULATOR

Click here

Jack

Male, Aged 38.
Find out more about Jack's protection needs

Read his profile

Derek

Male, Aged 52.
Find out more about Derek's protection needs

Read his profile

Literature and support materials

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Business Protection - Adviser guide

Guide
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Business Protection - premium equaliser calculator

Calculator
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Business Protection - business valuation calculator

Calculator
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Business Protection - key person calculator

Calculator
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Business Protection Term Assurance Key Facts

Key facts document
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Business Protection Critical Illness Key Facts

Key facts document
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