Business Liability Protection

Business Liability Protection – alternatively known as Business Loan Protection – is an insurance policy that is taken out by a business or organisation to help it 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, whether they 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 that your business considers in advance what the impact would be if that person were to die or be diagnosed with a critical illness.

 

Business Liability Protection Insurance

Image of office skyscrapers - protect your business with Business Liability Protection from Spectrum Financial Advice

Our experienced financial advisors have helped many businesses over the years and have set up Business Liability Protection / Business Loan Protection on their behalf. This places us in the perfect position to offer your company the exceptional service you require.

If you would like to speak to one of our team to find out how Spectrum FA could help you arrange Business Liability Protection and/or arrange for a free, no obligation review, then 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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Impartial Avice

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 give advice on insurance products from reputable providers, so you receive a quality service and an insurance product that matches your needs exactly.

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Personal Approach

Spectrum FA’s financial advisors always take a personal approach and will take the time to get to know you and your individual circumstances.

Frequently Asked Questions

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, which takes the form of life insurance and the option of additional 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 particular field and will advise you through the process from start to finish. Our knowledgeable advisors provide bespoke advice and tailored policies that perfectly match your needs. If you would like to find out more, then please get in touch with us today to arrange a free, no obligation review with one of our friendly advisors. 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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