Life Insurance for Business Owners
Business owner life insurance quotes
- Policies from top UK insurance providers
- Get a Life insurance policy in minutes
Looking for cheaper insurance?
Norton secured
Our quote form uses 128-bit SSL encryption for your peace of mind.
Over three million users
Join our ever-growing list of satisfied customers today.
You could save time and money
Get your quotes by filling in one simple form, compare prices, and start saving.
Independent and unbiased service
We aren’t owned by or have any investment from any insurance company.
Related Insurance
What people have to say about us
I saved several hundred pounds by purchasing my car insurance via Quotezone instead of the well known comparison sites. Same cover, same insurer, just loads cheaper.
Joshua
“”
Changed from previous insurer quickly and easily.
Carol
“”
4.75/5 from 3370 customer reviews
Life Insurance For Business Owners
Find a cheap quote on business owner life insurance
Most business owners have a lot to deal with, and Quotezone can help when it comes to business owner life insurance. More than 3 million customers use our comparison tool to compare insurance policies and you’ll have a range of cheap quotes for business owner life insurance within moments. Compare quotes from over 100 providers across the UK with our independent, unbiased service.
If you still have questions, read on to find out the key things to look at when taking out life insurance for business owners.
Why do you need business owner life insurance?
As the owner of a business, your death could have a major impact upon your company and those who for it.
Life insurance for business owners helps to protect a business financially and the people who could be affected by your untimely passing. By protecting the business, you can have peace of mind when it comes to your family, business partners, and staff.
What is covered by business owner life insurance?
It is important to note that business owner life insurance tends to benefit the business and those who work for it. Although the continued security of the business may ultimately benefit the family of the business owner, this type of insurance doesn’t usually pay out a lump sum to the business owner’s family. Business owners should consider taking out a second “personal” life insurance policy that provides direct financial support to the family.
You can shape your business policy to meet the needs of your company, and this could mean opting for:
- Key person insurance – which will provide a lump sum to allow the business to mitigate against the likes of loss of profit, recruitment, and loss of confidence from clients and suppliers.
- Shareholder and partnership protection insurance – which offers the remaining shareholders a lump sum, allowing them to buy out your shares, thereby retaining control of the business. This is an important route to consider if your shares may go on to a family member who may not be qualified on business matters, or who may ask for a payout that could put the business at financial risk. It also ensures that business partners have the financial means to keep running the business.
- Business loan insurance – which will offer the business protection against any loans which it may struggle to pay upon your death.
Is business owner insurance classed as a business expense?
That depends upon the type of cover you’ve taken out and who benefits from the policy. If it solely benefits the business, then it will probably be classed as a business expense.
Who does a business owner life insurance policy belong to?
Ideally, the policy will belong to – and be paid for – by the business. This detail becomes important when it comes to business expenses and taxes. There are savings to be made if the policy belongs to the business.