BUSINESS PROTECTION
FROM VITALITYLIFE
At VitalityLife we believe that business protection is one of the best ways to safeguard the future of your business. Whether you are looking for key person cover, shareholder protection, loan protection or a Relevant Life Policy, we have the right solution for your business.
KEY PERSON COVER
Protect your profits if you lose an employee through death, disability or severe illness
Many businesses find that certain key individuals are responsible for a large part of their profits. Losing one of them can have a serious impact on the health of the business. With VitalityLife’s Key Person Cover, you can keep the impact of their absence to a minimum. If the key person were to die or suffer from a severe illness, the policy pays a lump sum to make up for any loss in revenue or profits, thereby keeping the business on track.
SHAREHOLDER OR PARTNERSHIP COVER
Keep control of your business if a shareholder or business partner dies or suffers a severe illness
If one of your business owners dies or suffers a severe illness, their share of the business will usually pass to their beneficiaries. To regain full control of the business, the surviving business owners will need to buy the deceased’s or incapacitated individual’s share of the business to keep control. Many businesses will not have the available capital to do this.
With VitalityLife’s Shareholder and Partner Protection, a lump sum is paid if a business owner dies or suffers a severe illness. This lump sum provides the capital to enable the surviving business owners to purchase the deceased’s or incapacitated individual’s share of the business – allowing them to keep control of their business. LOAN PROTECTION
Cover your business loans if a shareholder or a business partner dies or suffers a severe illness
If one of your business owners dies or is suffering from a severe illness, lenders may have the right to demand that you pay back any outstanding loans. These could be difficult to pay off at short notice. Our Loan Protection solution means you won’t have to worry. If a business owner dies or becomes seriously ill, it provides a lump sum to cover your business loans.
SAFEGUARD THE FUTURE
OF YOUR BUSINESS
OUR BUSINESS PROTECTION
PLAN CAN PROTECT YOUR
BUSINESS IN THREE WAYS
1
2
3
DID YOU KNOW?
If your business is a limited company or a sole trader, you can use Life Cover and Serious Illness Cover to cover a key person.
Serious Illness Cover works on a severity basis covering up to 166 conditions. Whilst some of these conditions may not be critical, a
partial payout to the business
is often useful at time where the key person is away from work and is therefore not able to generate their usual levels of income. This lump sum payment allows the business to continue, despite the absence
INCREASE YOUR COVER AS YOUR BUSINESS INCREASES IN VALUE As your company grows, you may need more cover. If your business grows in specific ways – if a key person becomes more valuable, a shareholder’s interest becomes more valuable, or you increase your mortgage or business loan – you can increase your cover, without having to give us any more information about the health of the person insured. This is called the Guaranteed Insurability Option.
ADD WAIVER OF PREMIUM TO YOUR COVER
You can add Waiver of Premium on Incapacity to your Business Protection Plan. That means that if one of the people covered under your plan is unable to work due to illness or injury, we’ll waive your premiums. PROTECT AGAINST THE FINANCIAL IMPACT OF A DISABILITY
Not all illnesses are likely to have the same impact. With advances in medical technology, many illnesses can now be treated effectively with no long-term effects. More severe illnesses – which require major surgery, prolonged periods of treatment or cause long-term impairment, are likely to be life-changing and so have the biggest impact on the person’s ability to work and the financial security of the business.
With Disability Cover for Business from VitalityLife you can protect against the financial impact of a disability. We cover anything from temporary disability to severe disability for the rest of life.
VITALITYLIFE CAN ALSO
OFFER YOU MORE
WHEN MAZ SET UP HER OWN PR BUSINESS FOUR YEARS AGO, SHE WAS WORKING BY HERSELF FROM HER KITCHEN IN OXFORD
Since then, her team has grown from one to six, and is now based in a busy central London office. Even though the budget is still tight for this growing company, Maz believes that she can’t afford not to insure her business. And that means insuring her most valuable employees.
“Like other business owners, I thought it seemed pretty obvious to get buildings and contents insurance,” she explains. “But a business is all about the people, especially in an industry like ours. If there was a problem with our property, we’d cope by going home and working on our laptops and our mobile phones. But if I lost one of my senior employees, it wouldn’t be so easy to deal with – their expertise, and the relationships they’ve built with the people we work with, are what makes this business a success. It’s something that’s very difficult to replace.”
That’s why Maz took out Business Protection. It gives her Life Cover and Disability Cover for Business that will pay her a lump sum to replace lost profits if one of her most valuable employees dies or suffers a severe illness. “It means my business is protected if the worst happens. Which means that neither I nor my staff have to worry about the future.”
WITH BUSINESS PROTECTION FROM VITALITYLIFE YOU DON’T HAVE TO CLAIM TO BENEFIT
We’re the only insurer to offer Business Protection that gives access to discounts and rewards that encourage you and your employees to be healthy. Our plans help people understand their health better and help with things like stopping smoking, losing weight and getting fitter. This is not only good for the health of directors and employees but the health of the business as a whole. The person covered can get an even wider range of rewards if Vitality Plus* is added to
the plan. Depending on the type of plan chosen, they could have access to discounts and rewards as varied as money off flights with British Airways to the UK and Europe^, half-price gym memberships at Virgin Active† (a joining fee will
apply) and even a drink every week from Starbucks#.
VITALITY FOR BUSINESS
PROTECTION
HEALTHY EMPLOYEES DON’T JUST TAKE LESS TIME OFF SICK. THEY’RE THREE TIMES MORE PRODUCTIVE THAN EMPLOYEES IN POOR HEALTH.
What’s more, research has shown that if employees can see that their employer cares about their health and wellbeing, they’re more loyal as a result. In fact, senior management interest in employees’ wellbeing is the single biggest driver of employee engagement. Businesses with lots of engaged employees keep their staff for longer.
“Vitality helps
you lead a
healthier life”
* Vitality Plus – gain access to additional rewards and discounts for a small extra premium of £4.50.
^ BA flight offers are subject to a minimum stay depending on the day of departure.
Includes taxes and charges.
† Virgin Active benefit excludes Chiswick Riverside Virgin Active Club. # Starbucks: applies to handcrafted drinks only.
FIND OUT MORE
To find out more about VitalityLife’s solutions for businesses – please speak to your Financial Adviser or
visit vitality.co.uk/life
VitalityLife is a trading name of Vitality Corporate Services Limited. Registered number 05933141. Registered in England and Wales. Registered office at 3 More London Riverside, London, SE1 2AQ. Vitality Corporate Services Limited is authorised and regulated by the Financial Conduct Authority.
