I own my own company; what insurance cover do I need?
There are three aspects to consider; can you put your personal cover through your business, is the business protected if something happens to you, and do your employees need policies?
Relevant Life Cover
As a senior executive of your company you may be able to reduce the cost of your personal life cover by taking advantage of a product called ‘Relevant Life.’ There are tax benefits to having these new policies as payments are made by the company with no benefit-in-kind charge back to you, no National Insurance implications and a potential saving of 50% on your current premium.
If you have personal life insurance and it’s not a ‘Relevant Life’ policy, and you pay for this cover from your own bank account, you will be paying from post-tax income, and if you are paying from the business account you will probably be taxed on the payment as if it were income.
Key Man Insurance
Policies such as ‘Key Man’ Insurance and ‘Share Protection’ are examples of policies available to mitigate the risk of losing an integral member of your team to illness or death. We can discuss the options available to you without obligation to act on our suggestions.
Benefits are often a key tool in staff retention. It is important to ensure your employee benefits are cost effective to you and valuable to your team. If you are considering provision of life insurance, private medical cover, or income protection, we can source the best providers for your company.
As part of your employee care package we offer all business clients a free information service for their employees. You can offer our services to all employees and we are happy to deliver free information seminars and workshops if that would be of interest.