Are you insured correctly?

Professional Indemnity Insurance (PI)

Any business which offers any sort of advice or handles data could find themselves exposed to a PI claim.  Many businesses unknowingly face this vulnerability as they do not have the correct insurance in place.

If you are alleged to have provided inadequate advice, services or designs, PI covers the costs and expenses incurred from defending the claim and any compensation requested to rectify the mistake.

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Public Liability Insurance

This covers the cost of claims made by members of the public for incidents made in connection with your business activities including  the cost of compensation for personal injuries, loss of or damage to property.

Life insurance

Pays out a lump sum to your dependants should you pass away during the term of the contract.  Dependant upon the policy, it is usually used to pay off your mortgage to leave the survivors owning the house outright.  Having said that if you do not have a mortgage you can still take out a Life Insurance policy which will pay the survivors an agreed cash lump sum.

Critical illness is similar to Life Insurance however it will pay out a tax-free cash lump sum in the event that you are diagnosed with a specific illness or medical condition during the term of the policy.

Fact – Only 50% of households with mortgages have life insurance!  Lets raise awareness!

Protection hound mortgage cover info

 

 

 

 

 

 

 

 

 

 

Relevant Life Insurance

It is a tax efficient life insurance policy!  Allowing companies to offer a death-in-service benefit to its employees.  It is set up by the company and pays out a tax-free lump sum on death (or diagnosis of terminal illness) of the person insured.

Calling all small companies, this one is for you! You should in particular be thinking of this if you a are sole director run company.  The premiums are viewed as tax deductible for the employer and not seen as a benefit in kind for the employee.  This means that the employee does not have to pay the premiums from there already taxed income.  Win, win!

If you are looking for tax relief this one is for you…

October 14, 2018

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