Business Liability Protection Insurance | Spectrum Financial Advice

Business Liability Protection Insurance

Business Liability Protection – also known as Business Loan Protection – is an insurance policy taken out by a business to help pay any outstanding loans or other borrowings should the named guarantor die or become critically ill (if selected).

Many businesses or organisations trading today will likely have at least one outstanding loan secured against them. This could be business development loans or a commercial mortgage, but often, those loans are secured against the owners, directors or other key employees in the business.

Therefore, it is crucial your business considers in advance what the impact would be if that person were to die or be diagnosed with a critical illness.

To find out more, continue reading and also have a look at our frequently asked questions (FAQs) towards the end of the page.

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Impartial Advice

Working exclusively for our clients, Spectrum FA provide impartial expert advice that works for the benefit of you and your business.

Expert Protection

Spectrum FA provide advice from reputable providers, so you receive a quality service and an insurance product that matches your needs exactly.

Personal Approach

Spectrum FA take a personal approach and will take the time to get to know you and understand your individual circumstances.

How are we able to help

Our experienced financial advisors have helped many businesses over the years and have set up Business Liability Protection / Business Loan Protection on their behalf. We are experts in this area and will recommend suitable policies, based on the individual needs of you and your business.

To speak to our team and find out how Spectrum FA can assist you with Business Liability Protection and to arrange a free, no obligation review, please contact us today. You can get in touch by emailing us at info@spectrumfa.co.uk, by phoning us on 01279 315 013 or by completing the contact form on the website for one of the team to get back to you ASAP.

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FAQs

View some of our frequently asked questions that some of our customers have asked.

What is Business Loan Protection?

Business Loan Protection or Business Liability Protection is a type of insurance policy that is taken out by a company or organisation, in the the form of life insurance and the option of including critical illness cover (if selected) written on the life of a specific person. Business Loan Protection will provide a lump sum payment to the business in the event of the death or critical illness of that insured person, enabling the company to immediately repay any outstanding business loans secured against that individual. Many businesses borrow funds that are secured against a specific individual within the business – the guarantor – so it is sometimes requested that Business Loan Protection is taken out.

Who can have Business Loan Protection?

Business Loan Protection is for any business or organisation that takes out a loan or any other form of finance, be it asset finance or an overdraft facility, whether sourced from a bank or other financial institution, or sourced privately (i.e. from one of the company directors or other private contributor). It is therefore vital for any business who has taken out a loan or finance to take out appropriate Business Loan Protection / Business Liability Protection at the same time.

Why do I need Business Loan Protection?

Any business that takes out a loan of any kind will be expected to repay that loan in full, no matter what happens to the business. Therefore, if an owner or key individual were to die or suffer a critical illness this would impact on the business’ capability to repay the loan. But with Business Loan Protection, all these fears are eliminated. Should the life insured die or be diagnosed with a critical illness – depending on the level of cover chosen – then the business will receive a lump sum payment that will clear the outstanding debt.

Why use Spectrum FA to arrange Business Liability Protection?

Having provided advice on Business Loan Protection insurance for many businesses, Spectrum FA are experts in this area and will advise you through the process from start to finish. Our expert advisors provide bespoke advice and tailored policies based on your individual needs. To find out more, please get in touch with us today to arrange a free, no obligation review. You can contact us via email at info@spectrumfa.co.uk, via the phone on 01279 315 013 or through the contact form on the website.

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