How Do I Protect Family and Business if Something Were To Happen to Me?

Business man with hands protectively around wooden figures
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Follow these steps to protect your family and business so you can get on with focusing on living life to the max.


As a husband, wife, mother, father or business owner, you have people who rely on you, on your business and the income it brings to many people. What can you do to protect all those that rely on you, should you die or be unable to work again?

Here’s a quick case study which happened very close to home:

Alex, who is in his 60s and who is a non-exec director at Partners&, suffered a stroke in his 40s. As one of the directors of the family business, his extended absence could have had negative consequences. The good news is, he had received some very useful advice the year before, and had taken out two policies, which helped the business to cover the cost of recruiting his replacement while Alex recovered and provide an income for him until his 60th birthday. The result was that his business was able to continue with little disruption, until Alex was able to return to work and he was able to continue supporting his family.

“The advice around key person cover and income protection was spot on. The key person plan kept my business operating while I was recuperating. Without it, the business, my staff and their families would have suffered. The income protection meant I have been able to continue to support my family. It was one of the best pieces of advice I received and the best decision I made,” Alex says.

So, with that salutary lesson in mind, let’s talk business protection.

If you have questions about specialised life and business insurance contact our partner Partners&.

There are various ways to protect your business and family, and so have you asked yourself:

What is my business continuity plan?

Key Person Cover protects the profits of your business if you were diagnosed with a serious illness or were to die. It can pay for things like recruitment of your replacement, cover the ability to pay back loans if the bank decides to call them in and even replace lost turnover if clients leave.

Have I made a company will?

Director Share Purchase allows the other directors of the company to buy back your shares, if you were to pass away. Your beneficiaries receive a lump sum, equal to your share value and your business partners can carry on running the company. It is important to review your shareholders’ agreement and make sure it matches your objectives, to give you real peace of mind

How do I protect myself and my family?

Life Insurance provides a lump sum on your death. You have the option of paying the premium personally, or put it on company expenses (which means corporation tax relief). This can pay off any remaining mortgage or outstanding debts and includes a lump sum that can be invested to provide an income, or gifted to children.

Critical Illness Cover ensures you receive a lump sum payable on diagnosis of a serious illness. You may choose to take time off, paid for by your policy, to allow you to have surgery and recuperate, without having to worry about going back to work until you are completely recovered.

Income Protection is the last line of defence, if your condition were to result in you being unable to return to work, yet you’re nowhere near pensionable age. At this point, your income protection policy steps up, paying you a regular monthly amount until you are of pensionable age.

As you can see, there are many ways to protect your business and your family and an experienced risk protection adviser like Partners& would be happy to discuss which option suits your situation and budget.

By James Porter, Business Protection Adviser, Partners&

Partners& challenge the status quo by delivering insurance advice that makes a difference. Combining technical knowledge with service and intelligent use of technology, they offer clients the confidence and peace of mind that you are protected so with tailored recommendations that are right for you.

Get peace of mind and be confident that you are fully protected

Speak to an Adviser directly at Partners& Insurance