What is Business Loan Protection?
Business Loan Protection is financial cover that is designed to provide added security during a difficult time and ensure that you can repay an outstanding; business loan, mortgage or overdraft if a key employee dies or is diagnosed with a terminal/critical illness before the money has been repaid and will therefore help your business to continue to function.
How does Business Loan Protection work?
There can be serious implications for businesses that are unable to pay back loans, so Business Loan Protection is there to help to give your staff and stakeholders some peace of mind. Generally, this type of insurance will cover business owners/directors but it can cover any key person who acts as financial guarantors for your business.
Business Loan Protection can be taken out on a level or decreasing cover basis. If a valid claim is made, the cash sum can be used to repay the businesses outstanding debt. It is important that your cover should reflect the amount that your business owes, to ensure that if you do claim, you will have sufficient cover in place to repay these loans back.
Please note:
This service is currently arranged by introduction only.
