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Business Protection Guide

Protecting people should be an integral part of any business plan. Business owners already protect many of the important things that keep the business running smoothly, like property, fleets and stock. So they should also insure their most valuable assets: their staff and shareholders.

1. An easy way to position business protection with your clients

Key person and Share and Partnership cover can include Life insurance or Life insurance with Critical illness cover. Life insurance also covers your client for diagnosis of a terminal illness as well as death, and Life with Critical illness cover includes cover for a wide range of critical illnesses including cancer, stroke and heart attack, as well as Children’s cover.

Green circle with a handshake

Ownership - If a partner or shareholder dies or is diagnosed with a critical illness, the proceeds help the remaining owners buy the affected individual’s share of the business. Without protection, the surviving owners could lose control of the business, impacting on-going success.

Green circle with a graph showing a profit

Profit - If a business loses a key person who influences revenue, the policy gives the company a cash injection, helping replace lost profits and possibly recruit a replacement.

Green circle with a '£'

Debt - If the business loses a key person, the money paid by the policy can be used to clear loans or other debt. Without a cash injection, investors and creditors (like the bank) may call in debts as they’re no longer confident the business can keep on top of them.

Relevant Life cover

Relevant Life cover is often referred to as a type of Business Protection and is a tax-efficient life insurance policy, allowing companies to offer death-in-service benefits to their staff.

2. The different types of business protection policies

LV= offers two business protection policies:

Life Insurance
Automatically includes terminal Illness cover at no extra cost.
Life Insurance plus Critical Illness cover
Automatically includes terminal Illness and children's cover at no extra cost.

...that can be used with the main types of business protection shown in the table below.

Not sure which to use?

Try our comparison guide to compare cover features and limits.

Comparison guide

Cover type




Key Person Cover

Green tick
Green tick
Red cross

Share Protection

Red cross
Red cross
Green tick

Partnership Protection

Red cross
Red cross
Green tick
3. Overview of the cover types
Key Person Cover
Covers a member of staff who has a direct impact on the business’s profits. It could be the business owner, director, sales person or any employee with specialist skills or expertise.
Read more about Key Person cover
Share and Partnership Protection
Sometimes referred to as ‘Owner’s Insurance’ and help business owners keep control of the company if one of them dies or is diagnosed with a critical illness.
Read more about Share & Partnership Protection
Relevant Life Cover
A tax-efficient life insurance policy, allowing companies to offer death in service benefits to their staff.
Read more about Relevant Life Cover

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Business Protection options

Find out more about the type of businesses we cover and the policies available.

More on Business Protection options

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Tools and calculators

See all our business protection calculators available to simplify your client conversations.

View all tools and calculators

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Business Protection support

Our team will make sure that all your Business Protection applications are dealt with quickly and efficiently.

More on Business Protection support

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Why choose LV=

Your clients can access a range of resources and expert advice, as well as a number of value added services.

More on why to choose LV=

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Liverpool Victoria Financial Services Limited, registered in England with registration number 12383237. County Gates, Bournemouth, BH1 2NF, UK