Protect your staff and your business with
the right business income protection policy
and the optimum level of cover

Income protection insurance for businesses is a type of insurance policy taken out by the business to protect its employees and the business itself. The insurance policy will payout if an employee becomes sick or injured, preventing them from being able to work.

The money can be used to pay the employee so they can maintain their financial commitments while out of work. This prevents the business from having to pay the employee itself while the employee is unable to work. Moreover, this may free up funds to employ another employee to temporarily fill the absent employee’s role.

Business income protection insurance policies can be set up to cover individual employees who are considered essential to operations. They can also be taken out to cover large groups of people. When a claim is successful, the payout will cover a percentage of the employee’s salary.

This type of insurance policy can even cover employees against an injury that prevents them from doing a specific job rather than not being able to work at all. In these instances, the employee could change jobs within the same company due to a new injury or disability, but still get a payout due to not being able to perform their primary job.

Some of the things you’ll need to think about when taking out income protection as a business are:

• The different types of cover
• The level of cover required based on risk

• Payout structure and limitations
• The cost of different policies

Businesses don’t just need to choose a suitable policy from the outset. The business must continually review its existing policy in line with changes to staff and processes.

Income protection insurance can be complex, especially when you’re covering multiple workers who may have varied medical backgrounds and jobs. A financial adviser could make the process easier by providing clear explanations of suitable and unsuitable policies based on your requirements. They can also search the insurance market to find current deals and help you apply when ready.

Start protecting your valued workforce and your business with a consultation on business income protection. Our financial advisers will patiently explain these policies so you make an informed decision. We also provide insurance broker services to find our clients the most suitable options.