Business services


Autumn Statement 2023 Highlights

22 Nov 2023

Against a backdrop of reducing inflation and greater headroom for spending

Ellacotts Business Newsletter October 2023

25 Oct 2023

Employee checks, widget choices, R&D scheme uncertainty, eBay trader's tax bill, voluntary NI contributions, Child Benefit pitfalls, GDPR access guidance, and extended producer responsibility for packaging

Business Newsletter August 2021

09 Aug 2021

Making Tax Digital. Cash Flow gain? Self-employment Income Support Scheme. COVID-19 scams. Employees working from home. Holiday, Leave, COVID-19. Side hustle. Pensions auto-enrolment.

Business protection assurance

Business protection is a type of insurance that helps protect a business against possible financial losses due to illness or death. It can help the business to survive and continue trading under seriously challenging circumstances.

There are 3 main types:

  • key person protection
  • partner/director/LLP share protection
  • business loan protection

Key person protection

Losing a key person, such as a managing director or IT specialist, may result in reduced sales, loss of profit/turnover, wasted time, recruitment costs, disrupt plans and increase workload for other staff. Key person protection helps safeguard a business against the financial effects of death, terminal illness, or critical illness of a key person.

The protection is written on the life of the key person but is owned (and paid for) by the business so that any money due is paid to the employer.

All types of business can take out key person protection. With a partnership, the policy is written on an own life basis and may be placed in trust for the benefit of the other partners.

Partner/director/LLP share protection

The loss of a business owner can destabilise a business and can quickly lead to financial difficulties. Partner/director/LLP share protection means if the worst does happen, the remaining partners, directors or members could stay in control of the business.

The protection could pay out enough to help purchase the deceased or critically ill person’s interest in the business.

A trust can ensure benefits are paid to the correct people and a cross option agreement will direct how the sale of the shares is to be dealt with.

Business loan protection

Business loan protection helps your client pay an outstanding overdraft, loan or commercial mortgage if the guarantor dies or becomes terminally or critically ill during the policy term.

Get in touch to discuss whether protection is right for your business

Speak to a business protection expert

Chris Slatter

Wealth Planning Director


Jo Mara

Chartered Financial Planner


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Business tax planning

We incorporate tax efficiency into your business planning, as well as taking care of returns and paperwork, leaving you more time to manage your business.

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