Revenue Protection Insurance
What is Revenue Protection Insurance?
A Revenue Protection Insurance policy protects your business against any significant drop in income, generally as a result of the incapacity of a key person or building, regardless of whether you are a retailer, manufacturer or wholesaler. It can also offer protection to businesses offering specific professional services.
Formerly known as 'key person insurance', this type of policy can provide financial support when a key member of staff is unable to carry out their normal duties, leading to a drop in revenue for the business. A key person may be one highly skilled individual or a team of employees; anyone who is integral to the output of the organisation.
It can also provide protection in the event of a severe fire or flood for example, where you would be unable to continue business as usual for an extended period of time.
How does it work?
Revenue Protection Insurance can offer a business long term financial security against the unexpected, as well as the peace of mind you need when running a business that is reliant on key individuals or teams.
Any policy of this type can provide your business with:
- Compensation for any loss of revenue as a result of the loss of a key person
- Help funding the associated costs of replacing a key person eg. training, recruitment etc.
- Enabling bank finance repayments to continue despite reduced revenue
- Protection from a loss of profits to the business owner
Why is it important?
The main reason to take out a suitable Revenue Protection Insurance policy is to help your business get back on its feet when an unexpected event causes severe disruption to your everyday operations.
It can offer financial support in what can often be a particularly distressing time, allowing you to focus on restarting your business as quickly as possible without the fear of creditor claims. Take a moment to think how long your business would last if something untoward were to happen, and how long your financial reserves would last - days, weeks, maybe months? Revenue Protection Insurance can offer the solution and give you the peace of mind you need.
For more information on Revenue Protection Insurance, speak to our team today.
Asset Protection Insurance
An Asset Protection Insurance policy protects your business against the potential gap in cover between Professional Indemnity (PI) insurance and the total amount of a third party claim.
Legal Liability Insurance
A Legal Liability Insurance policy protects your business from potential compensation claims that follow from negligence brought against you by employees, clients, customers or members of the public.
Protecting the people that work for you is absolutely vital in any form of business. Employee Protection insurances are designed to provide financial support to members of staff that suffer serious injury or illness, or a fatal accident.
- Top 100 UK independent broker* with Chartered Insurance Broker status
- Free no obligation review and quotation
- Talk to a dedicated insurance expert to guide you through the process
- Bespoke levels of cover tailored to your individual requirements
- Competitive premiums underwritten by the UK's leading insurers
- Dedicated in-house claims team who will deal with any claim on your behalf
- Payment of premium by monthly instalment available (subject to status)
- Free access to online risk management services
* Top 100 Independent Brokers 2013 published by Insurance Age in association with Cornell Consulting
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