Business Protection
(Life Insurance)


We offer a variety of business protection products. They can give both your business and its employees the necessary support should anything unfortunate happen. Many of these products also provide a range of additional wellbeing services that you can promote to encourage a healthier, more productive workplace.

key person


Protects the business against something unforeseen affecting the health of an employee who is important to its successful running.



Enables a business to pay off a loan or debt if any of the guarantors of the borrowing passes away or becomes critically ill.



Creates a succession plan for the business so that it is financially stable should one of the shareholders become ill or pass away.



Relevant Life Insurance is a very tax-efficient way of providing individual death-in-service policies for your employees.


  • Companies of all sizes
  • New business ventures
  • Wide range of business sectors
  • Established businesses

At Plan we partner with Caspian Insurance for all of your business protection solutions. They share our company values of honesty, expertise, integrity and a commitment to putting the customer first. They will take the time to understand your individual needs before recommending the products best suited to you.



We work with Caspian Insurance to provide Business Protection plans that will suit your business’s needs. Below we have compiled some commonly asked questions that explain the key features of a variety of Business Protection Insurance Policies. You will find information aimed at helping to ensure that you, your business and its employees have the right cover.

Who do Plan Insurance Brokers partner with on Business Protection Insurance policies?

At Plan we partner with Caspian Insurance for our Business Protection solutions. They share our company values of honesty, expertise, integrity and a commitment to putting the customer first. They will take the time to understand your individual needs before recommending the products best suited to you.

They work with an extensive panel of leading protection providers, including: Aegon, AIG, Aviva, L&G, LV, Royal London, Scottish Widows, Vitality and Zurich. So you can feel confident that the product offered to you is of a high quality and competitively priced.

Which type of Business Protection Insurance should you choose?

Choosing the right Business Protection cover is important as it can impact the future of the business. It is crucial to think about circumstances in which your business might struggle from a financial perspective, and protect those situations to make sure your business can continue to operate. It’s always helpful to get professional advice before taking out an insurance policy, and with so many types of Business Protection cover to choose from, let us help you find the right policy for your business.

What are the benefits of Caspian Insurance’s Business Protection broking services?

By utilising Caspian’s services for your Business Protection solutions you will receive the following service highlights:


You will be advised by a highly trained expert. Their in-depth knowledge will guide you through the available products. They will research the market to obtain maximum value, so you can have confidence that the policy offered will achieve the desired outcomes.


For cover to be valued, there needs to be awareness. And, ultimately it needs to be used. After your package of cover is in place, it’s crucial to educate your team regarding their new protections. This will maximise the value of the benefit you are providing . Plan can provide support to aid your employee communications regarding their new cover.


Business Protection insurance products are often called upon during very challenging and emotional life events. You can rely on Caspian’s service, which is both professional and personal, to provide much needed support.

Why would my company need Key Person Insurance?

Key Person Insurance will help your business protect itself should anything unforeseen happen to any of its most crucial members of staff. You can opt for both life cover and critical illness cover under this policy type. Key Person Insurance will help provide the business with the necessary funds to remain financially stable following the loss of a key employee.

Key Person Insurance might be dismissed by some business owners as a policy designed for larger corporations. However small businesses and start-ups should also seriously consider Key Person Insurance as their output often relies heavily on a select few.

As the business instructs the Key Person policy to be incepted it will be responsible for covering the cost of premiums. The business will receive a sum of money if the key employee passes away or becomes critically ill. The aim of this amount is to assist the business with remaining financially stable by making up for lost profits as well as potentially paying towards recruitment costs.

The amount of Key Person cover your firm will need can be determined using various methods. It could be calculated on the basis of a multiple of salary. Alternatively, it could be based on how much profit the key employee in question generates. How much it potentially would cost to replace the team member is another possible way of gauging the necessary sum insured.

The crucial point is that the sum should help ensure that the business remains viable and alleviates uncertainty in a challenging period. A Key Person Insurance policy should provide peace of mind that your business will be able to manage the financial fallout that results from losing an important contributor to your operation.

You should take time to contemplate fully the potential consequences of your key employees. The loss could result in reduced profit, a lack of essential skills that are difficult to replace or the absence of vital management resource. All of which can hit a business hard. The financial pay-out from this type of policy can be used to overcome a variety of challenging circumstances.

Both small and new businesses may benefit from Key Person Insurance because these types of businesses often rely heavily on a small number of people.

How does Relevant Life Insurance work?

Relevant Life Insurance essentially provides select employees within the business with life insurance without them having to fund the premiums themselves. This cover should reassure employees that you value and care for them. It could also help when it comes to recruiting and retaining employees.

Relevant Life Insurance offers companies the ability to provide a death-in-service benefit to their staff. It is a strong option for businesses that wish to offer benefits to their directors and potentially other employees but want to avoid creating a group life policy.

Having a Relevant Life Insurance policy in place means that if an insured employee was to pass away, the policy can pay out a sum of money to their dependents. The policy will also come into effect if they are diagnosed with a terminal illness and have a life expectancy of 12 months or less.

Relevant life policies are set up on a “life-of-another” basis. This means the business instructs and settles the required premium for the policy, but the pay-out is received into a Trust for the employees’ beneficiaries.

Relevant Life Insurance is available to employees of companies registered in the UK, which means it may not be suitable if you are self-employed or a sole trader.

Individuals insured on the policy are assessed based on their age, health and lifestyle factors. The amount of cover is usually set based on a multiple of the employee’s salary. The business will then settle the monthly premiums.

There are two further options to consider when arranging a Relevant Life Insurance. Cover can either be on a level cover basis (meaning it will remain at a set amount), alternatively it can be linked to inflation. The latter results in the level of cover increasing, roughly in line with inflation. Therefore, it’s important to remember that the policy premiums are likely to change.

When an employee leaves the business they can either take over the policy personally, or it can be taken over by a new employer.

For many small businesses, Relevant Life Insurance could be more cost-efficient than a group life scheme. However, it’s very difficult to compare the two as they run for very different policy terms. It can also be particularly beneficial for high earners, because Relevant Life Insurance doesn’t count towards their pension lifetime allowance.

Relevant Life Insurance is not a legal requirement, and businesses don’t have to offer it. However, it is treated as a business expense and the business can therefore claim tax relief on the premiums.

There are also no National Insurance contributions to be paid by either the employee or employer, and the policy is not a P11D benefit.

In competitive industries, offering Relevant Life Insurance could be a significant part of your recruitment efforts.

How much does Relevant Life Insurance cost?

The cost of your cover depends in part, on the amount of cover you are taking out. Other facts taken into consideration are age, health and lifestyle factors.

The amount of cover is usually based on a multiple of the employee’s salary.

In many cases, Relevant Life Insurance is the most cost-effective way for businesses to provide death-in-service benefits for employees, with the ability to claim tax relief on premiums.

Relevant Life Insurance doesn’t count towards an employee’s pensionable lifetime allowance. There are also no National Insurance contributions to be paid by either the employee or employer, and the policy is not a P11D benefit.

What is Business Loan Protection?

It is a routine part of business to have one or more outstanding business loans secured against them, whether it is commercial lending, director’s loans, overdrafts or credit cards. In some cases, these business loans are secured against the business owner, director or other key individuals within the company.

If the person liable for the loan was to pass away, how would the business fare in paying off that debt? If it would cause serious financial implications for the business, you might want to consider taking out a business loan protection policy.

Business Loan Protection can also sometimes be known as business liability or commercial debt insurance policies.

How does Business Loan protection work?

If a guarantor of a business loan, such as an owner, director or other individual, was to pass away the lenders may ask for the debt to be repaid immediately. This can sometimes cause financial strain on the business, which is already suffering from the loss of a key person.

Business Loan Protection can provide the necessary pay-out for the business to cover the outstanding debt. A policy of this kind works by covering the life of the key individual(s), so that any money from a claim can be used to clear the outstanding debt or loan.

Business Loan Protection is usually in the form of life insurance on its own or with critical illness cover included. Premiums are usually paid by the business.

Many lending options for businesses are caveated with this requirement, but the policy can still provide an immediate lump sum to help with any debt.

How much Business Loan protection cover do you need?

Deciding on the right amount of cover for a Business Loan Protection policy is quite simple. The level of cover should reflect the amount that would be needed to repay the outstanding debt or loan. The policy could be set on a level or decreasing basis, depending on the type of borrowing you need to pay off.

The monthly premiums will be calculated based on how much borrowing the business has taken out, amongst other factors.

Why should you consider Business Loan protection?

You never know what is round the corner. Business Loan protection can protect your business against the unexpected, minimising the financial hardship that may come from losing a key member of the team.

Having to suddenly repay outstanding debts could cause financial burden and may even put the future of the business at risk.

A Business Loan Protection policy can help to stabilise the business, providing a way for loans and debts to be covered. It allows the business to clear any lending that must be paid back and to help trading to continue as normal.

If you would like some further guidance on whether your business would benefit from taking out Business Loan Protection, get in touch today.

What is Shareholder Protection Insurance?

Your business is no doubt one of your most valuable assets. One of the most difficult events to occur within a business is the loss of a shareholder, which can impact the business hugely. Fortunately, you can protect against this with Shareholder Protection.

Shareholder Protection can also be known as succession planning as it can remove a sense of uncertainty following the death of a shareholder, or if they were to be diagnosed with a serious illness.

When a shareholder of a business passes away, the shares often become part of their estate which usually goes to the family. This means the family now has control over the shares and what to do with them. In some cases, this can result in a potentially inexperienced family member trying to have influence over the business, or they may simply just sell the shares to the highest bidder.

Shareholder Protection provides the remaining shareholders with the funds to buy the shares from the family. This can provide peace of mind to the shareholders and protect the future of the business.

How does Shareholder Protection work?

Losing a key shareholder of the business can be difficult enough without then having to work out how you are going to stabilise the company moving forward. Shareholder Protection provides that much-needed safety net when the unexpected happens.

Shareholder Protection will pay out a lump sum in the event of a successful claim, on a valid policy. The level of cover is based on the value of each shareholder’s individual shares. It is important to speak to a specialist Business insurance adviser when trying to value the shares in any Business.

The premiums are calculated based on the level of risk to the insurer, which is dependent on age, lifestyle and any pre-existing health conditions. The cost may also increase if you choose to include critical illness cover.

The benefits of Shareholder Protection

Shareholder protection allows you to have a ready-made succession plan in place. It can provide the remaining shareholders with a plan of how the insured shareholder’s part of the business will be allocated.

For example, imagine you have 3 shareholders of a business. Shareholder 1 owns 50% of the business, which is worth £5m, while shareholders 2 and 3 own 25% each. If shareholder 1 passed away, the insurance policy would provide the capital for shareholders 2 and 3 to buy the shares from the family or estate of the deceased shareholder, and they would now own 50% each.

Without the policy, the family of shareholder 1 may be forced to sell the shares elsewhere if the remaining shareholders could not raise the funds.

This type of protection also allows you to purchase the equity without taking cash out of the business or having to borrow the funds, which will give the business a bigger chance of returning to some sort of normality.

If you would like some further guidance on whether your business would benefit from taking out Shareholder Protection Insurance, get in touch today.

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