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A Business Loan Protection if a type of life insurance – it allows a business to settle a debt should a key employee (eg. a Director) pass away or become seriously ill. Business overdrafts, loans and even commercial mortgages would all be covered by this type of loan.
Although not compulsory, most banks or loan companies would require a form of business loan protection before lending any money – it’s their assurance they will be repaid whatever happens.
Additionally, it makes good business sense to take out some form of Loan Protection. Whilst not fun to think about, if a Director with an account were to pass away, where would the money come from to pay off that debt?
At Chase Templeton, we work with all of the leading UK Business Insurance Providers including Vitality, Legal & General and Aviva to help you and your business find the right cover, at the right price.
Contact us today to see your cover options.