Business Protection

The principles of business protection are similar to any other type of protection.

We offer four main types of business protection:

  • Key Person Protection (profit protection)
  • Partner/Director/Limited Liability Partnership Share Protection
  • Business Loan Protection
  • Relevant Life Plan

Key person

When running a business, most owners are focused on the day to day delivery and doing the best for their customers. Unfortunately, this means they don’t always have the time to think about the ‘what ifs’.


Key Person Protection enables a business to insure itself against the financial loss it would suffer if a key person died or was diagnosed with a specified critical illness (if a critical illness was chosen as part of the policy) during the policy term.


A key person is an individual whose skill, knowledge, experience or leadership contributes to the financial success of a business directly or indirectly. A key person could be one of a number of people within the business. For example Chairman, Managing Director, Marketing Manager, IT Specialist, Finance Director, Sales Manager, Paraplanner.

Or anyone whose death could lead to financial loss for the business through:

  • Loss of profit
  • Having to recruit or train a replacement
  • The loss of important business contacts if the key person is not there to maintain relationships
  • Customers and suppliers losing confidence in the business

Share protection

The loss of a business owner may destabilise a business and can quickly lead to financial difficulties. Share Protection allows the remaining partners, directors or members to remain in control of the business following the death of a business owner. If there is no share protection in place, the owner’s share in the business may be passed to their family. This means that the surviving business owners could lose control of a proportion or, in some circumstances, all of the business. The family may choose to become involved in the ongoing running of the business, or could even sell their share to a competitor. A Share Protection policy can help avoid these issues by providing the funds to purchase the shares and also a suitable mechanism for the existing shareholders to retain ownership of the business.

Business Loan Protection


The loss of the person who has guaranteed a loan is particularly serious for a business. Business Loan Protection helps a business pay an outstanding overdraft, loan or commercial mortgage, should the person covered die or is diagnosed with a terminal or critical illness (if chosen) during the policy term. When a valid Business Loan Protection claim is made, a sum equal to the outstanding debt could be paid to either the business or directly to the lender.

Relevant life plan

Although not a Business Protection product, a Relevant Life Plan is a term assurance plan available to employers to provide a lump sum benefit for an employee. It is designed to pay a lump sum if the person covered dies or is diagnosed with a terminal illness, while in employment during the term. A Relevant Life Plan is paid for by the employer. As with all insurance plans, limitations and exclusions apply.

THIS PLAN IS AIMED AT: • Employers looking to provide lump sum benefits, but with too few employees to set up a group scheme. • Directors wishing to provide their own individual ‘death in service’ benefits in a tax-efficient manner. • High earning individuals, such as directors, who are looking for lump sum benefits without affecting their Pension Lifetime allowance.

Contact Us

For further information or if you would like to discuss your requirements then please fill out the contact form. A member of our team will contact you as soon as possible.
Head Office

Yorkshire Financial Consultancy Ltd 37 Commercial Street Morley, Leeds LS27 8HN

0113 2380 550


40 Lowther Street, Carlisle, CA3 8DH

0122 8210 022


10 West Over Road, Scarborough, YO12 5AA


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