Relevant Life Insurance provides your business OR any named beneficiary with a lump sum in the event of the death/critical illness of a Director, or other employee of a Ltd company. It can help you to pay off outstanding loans (such as bank loans, credit cards or director loan accounts) if something happens to a guarantor.
As well as a financial payout, many insurers also offer practical help to your business as part of your protection package. A good insurer will generally also offer medical, career and legal helplines as well as support in recruiting temporary or permanent help.
Furthermore, in many cases the premiums that you pay to a business protection policy are viewed as an allowable business expense by HRMC. This means that your premiums could qualify for full income tax relief, national insurance relief and corporation tax relief.