Protection that keeps you in business

By TP Financial Solutions

29 Jun 2022

tp-financial2-april-2022-low-res-35.jpg

Most businesses make sure their assets are covered against the effects of fire or theft. But what about that other core asset- people?

The absence of a partner, shareholder or key employee could damage a business in several ways.

In a moment it could lose key skills, experience, and contacts.

A range of solutions

Key person protection

A’ key person’ is an employee whose loss would have a significant impact on the profits of a business. Having key person protection in place provides a financial safety net that can cover this loss as well as any replacement costs in the event of that key person suffering a critical illness or dying.

Loan Protection

When a business borrows money, it makes sense that it has some form of cover in place to repay all, or most of that loan should one of the business owners unexpectedly die or suffer a critical illness- having local protection in place helps a business to achieve this.

Relevant Life Plans (RLP)

These are a way of providing death-in-service benefits on an individual basis no matter the size of the business. Although the company makes the payments, they’re not normally treated as a benefit in king, so they’re not included in your income tax assessments. For a higher rate taxpayer this could be a significant saving. This cover can be taken by sole-traders and company directors.

Executive Income Protection

An Executive Income Protection plan would pay the monthly benefit to the business in the event of a valid claim, the business can then use this benefit to fund the employee’s ongoing sick pay if they are unable to work as a result of becoming incapacitated due to illness or injury. This can help the employee to meet their financial commitments whilst not leaving them to rely solely on their savings or state benefits.

Partnership or Shareholder Protection

When a shareholder/business partner dies or retires following a critical illness, the remaining owners will need to work out how to retain control of their business and how they assign fair value. With the right cover in place the remaining owners will be able to purchase the retiring or deceased owner’s share of the business.

Latest news

1

Inspired plc acquired by HGGC Inspired logo

Inspired plc acquired by HGGC

19 Aug 2025

2

Lancashire uniform provider acquired in £12.5m deal Trutex images

Lancashire uniform provider acquired in £12.5m deal

19 Aug 2025

3

Burnley aircraft firm sees profits soar Safran Nacelles

Burnley aircraft firm sees profits soar

19 Aug 2025

4

Lancashire marina bought by Aquavista Fettlers Wharf Marina

Lancashire marina bought by Aquavista

18 Aug 2025

5

Work starts on new business units at Enterprise Zone Danny Pinkus Cllr Mark Smith and Robert Pinkus at Phase Two Of Enterprise Court

Work starts on new business units at Enterprise Zone

15 Aug 2025

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
Sub36 Networking - Follow the signs
Sub36 Deaf Village Social1200
Networking
17 Sep 2025

Sub36 Networking - Follow the signs

The Deaf Village, Blackburn, BB2 5EN

10:00 - 12:00

CMI Level 5 Management and Leadership Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Management and Leadership Course

Preston Campus, Preston , PR1 2HE

09:00 - 17:00

CMI Level 5 Project Management Course
UCLanAerialCampus.jpg.jpg
LBV Hub Seminars
21 Feb 2025 - 21 Feb 2026

CMI Level 5 Project Management Course

Preston Campus, Preston, PR1 2HE

08:00 - 17:00

The Business Network Central & East Lancashire
LBV Header (24).png.png
LBV Hub Networking
21 Aug 2025 - 21 Aug 2025

The Business Network Central & East Lancashire

Mytton Fold, Langho, BB6 8AB

11:30 - 14:15

Morecambe Bay Walk
Walk.jpg.jpg
LBV Hub Awards
30 Aug 2025 - 30 Aug 2025

Morecambe Bay Walk

Arnside, CARNFORTH, LA5

09:30 - 14:00

Tri-Site Survey Equipment Showcase
Linkedin Cover.jpg.jpg
LBV Hub Seminars
03 Sep 2025 - 03 Sep 2025

Tri-Site Survey Equipment Showcase

Harewood House , Leeds, LS17 9LG

09:30 - 16:00

Longridge Soap Box Derby
Screenshot 2025-06-10 090035.png.png
LBV Hub Fundraisers
14 Sep 2025 - 14 Sep 2025

Longridge Soap Box Derby

Berry Lane, Longridge, PR3 3WH

10:00 - 16:30

Preston Tech Connection - The Ultimate Tech Quiz!
Preston Tech Connection Sept 25.png.png
LBV Hub Networking
16 Sep 2025 - 16 Sep 2025

Preston Tech Connection - The Ultimate Tech Quiz!

Society1, Coworking Space, Preston, PR1 3LT

18:00 - 19:00

Cumbria Business Expo 2025
https---cdn.evbuc.com-images-880461633-4862066883-1-original.20241022-110415.jpeg.jpg
LBV Hub Exhibitions
19 Sep 2025 - 19 Sep 2025

Cumbria Business Expo 2025

Carlisle Racecourse, Carlisle, CA2 4TS

09:00 - 15:00

Preston Freelancer Meet-Up: September
Sept Freelancer (1).png.png
LBV Hub Networking
23 Sep 2025 - 23 Sep 2025

Preston Freelancer Meet-Up: September

Society1, Coworking Space, Preston, PR1 3LT

10:00 - 11:30

Speed Networking with BNI
2.png.png
LBV Hub Networking
24 Sep 2025 - 24 Sep 2025

Speed Networking with BNI

Chorley Football Club, Chorley, PR7 3DU

16:00 - 19:00

Help to grow management course
Help to grow - barriers to growth.png.png
LBV Hub Seminars
26 Sep 2025 - 16 Dec 2025

Help to grow management course

Preston Campus , Preston , PR1 2HE

09:00 - 15:00

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV 123 Online Graphic
Subscribe now

Weekly news bulletin