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Discounted Business Insurance
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InstantCover has been designed to save you money on your business insurance and save you time. We review every online business insurance provider to bring you our our top recommendations. The insurers below offer a great combination of low prices and outstanding levels of cover.
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As with private home and contents insurance, businesses can and should be insured against damage to buildings and contents. Business insurance will usually cover slightly different things than home insurance; these include fire, lightning damage, gas and boiler explosion but do not necessarily include other things such as riot, malicious damage, impact from aircraft, rail and road vehicles and damage by storm, flood or escape of water. Depending on your type of business and where your premises are you may want to take out an ‘all risks’ cover which would offer you that wider protection including accidental damage, although this still would not normally cover wear and tear or electrical breakdown or mechanical failure.
Most business people recognise the need for insurance on property and against liability, but often forget that they can use life insurance to protect their business against the financial loss they could suffer upon the death of a key individual or employee.
There may be in your business a key individual or employee without whom the profitability or even the running of your business could be severely affected. You can take out life insurance on key employees to protect the business from problems and disruption that their death may cause. This type of policy is usually intended to cover the costs of finding and training a successor, and/or the cost of getting the work they do covered in the meantime. However, your business could be liable to corporation tax for some, or all, of the amount paid out in the event of a claim.
A business can also use life insurance policies to cover directors, helping with the purchase of a director’s share of the business in the event of their death. This would be used to protect the business and the surviving directors from withdrawal of capital from the company or business following the death of a director.
Similarly, a partnership business could suffer in the event of a death
of one of the partners. Life insurance could help the remaining partners
buy the deceased partner’s share of the business.
Note: The following companies may not have been rated by us, but they may be useful to you if the rated companies are unable to help with your specific requirements.