Optimum Financial


Financial Advice & Insurance Cover from Optimum Financial

Jason Noakes | Managing Director

Email: quote@optimumfinancialuk.com

Business Protection Insurance

Here at Optimum Financial we don’t see you as another number, we see you as an important individual, as you are.

We aim to build long term relationships with our clients, so we regard professionalism and integrity as fundamentals in order for us to achieve this.

For Company Directors looking for Business Protection Insurance we offer 7 different types of insurance cover that can help to protect Company Directors, their business, their employees and the wider family.

  • Key Person Insurance /Key Man Insurance

Directors and employees with highly specialist skills or knowledge are key employees of the companies that they work at. To lose one of these employees or directors, as a result of a critical illness or death, can be damaging to the business. That is why taking out Key Person insurance or Key man cover, in order to protect the company is a wise move.

Key Person insurances can provide several benefits which include:

  1. Paying the costs of a temporary replacement
  2. Meeting the costs of recruiting a permanent replacement
  3. Covering the cost of death or incapacity of a key member of staff.

The full scope of the key person cover will depend on the type of policy purchased but companies ignore the risks of losing key staff at their peril. Shareholders, bank managers, suppliers and customers may not be so laid back.

  • Shareholders Protection Insurance

Directors' or partners' share agreements may provide for the remaining directors to purchase the shares of other shareholding directors should they die. However there is a risk that the remaining directors may not have sufficient funds to hand when a fellow director passes away unexpectedly.

One solution to this is to take out life cover as a source of funding.

To arrange such cover requires the understanding and agreement of all concerned. It will also require some careful calculations to determine how much cover is required. However, it will be a comfort to all directors or partners of a business to know that their own or a colleague's death will leave the other directors with sufficient support to carry out the terms of their shareholders' agreement.

This type of policy can also include critical illness for protection in the event that a director or partner is forced to leave due to illness.

  • Pensions & Working Capital

Directors may prefer to establish a separate pension plan from that of their employees. The reasons for this are that the term of their employment may be a fixed number of years, their tax position may be more complicated than other employees, or they may prefer to set up a form of self administered scheme more suitable to their circumstances.

Directors and partners may also wish to leverage their company pension scheme at some stage to raise funding for the business. This may be a more tax and cost efficient way of funding the acquisition of commercial property.

In these circumstances sound pension advice will be valuable.


  • Directors & Staff Benefits

Recruiting, motivating and retaining able staff is a key preoccupation of many businesses. Getting the rewards mix right is an important ingredient in successfully managing such staff. Remuneration packages made up of pensions, life insurance, tax efficient bonuses and benefits are common in well-managed businesses, but they require careful planning and selection depending on the type of business and the type of staff who are involved. What motivates and retains staff at an internet start up business or a bioscience research operation may require a different balance than at a manufacturing business with a substantial production line workforce.

If staff are the key to successful businesses then well founded and managed reward strategies are vital too.

Taking the right advice early on means that the right moves can be made at the outset without having to make them as the business goes along. The result should be contented and efficient staff who are confident that they are getting the most appropriate deal for their time and their labour.

  • Income Protection Insurance

If you are unable to work because of illness or injury, under an employers group sickness scheme (Group IPI) salary is continued but is subject to tax and NI in the usual way.

The maximum amount of income you can replace through insurance is broadly the after-tax earnings you have lost, less an adjustment for state benefits you can claim. As with all insurance, it is important that you have the right type of policy which provides all that you need it to do for you.

Long-term income repayment policies usually come into play between the time when your employer stops paying sick pay, and when you collect your pension.

Shorter-term policies tend to be used to protect a mortgage, bank loan or other payment. These usually commence within a few weeks but stop entirely after 12 months or 24 months. Short-term policies often include unemployment and redundancy, unlike longer-term income protection cover which does not.

To clarify, Income Protection Insurance only applies to products which pay you an income if you become unable to work due to sickness or injury. Policies to protect mortgages, loans or credit card debts are often called Accident Sickness Unemployment (ASU) policies.

We will happily explain this difference and which one would be best for you, in more detail should you wish us too.

  • Employers Liability Insurance

Employers are usually required by the law to insure against liability for injury or disease to their employees arising out of their employment.

Employers are responsible for the health and safety of their employees while they are at work. If your employees are injured at work, or they become ill as a result of their work while in your employment, they may claim compensation from you, if they believe that you are responsible.

The Employers' Liability (Compulsory Insurance) Act 1969 ensures that you have at least a minimum level of insurance cover against any such claims. Employers' liability insurance will enable you to meet the cost of compensation for your employees' injuries or illness whether they are caused on or off site. Injuries and illness relating to motor accidents that occur while your employees are working for you may be covered separately by your motor insurance.

  • Professional Indemnity Insurance

Most professionals carry professional indemnity cover. If you sell professional advice, your knowledge or skills, you may wish to consider taking out professional indemnity insurance.

If, for example, you made a mistake or are found to have been negligent in one or all of the services that you provide for clients, they may bring a claim for compensation against you. Professional Indemnity Insurance protects you against compensation actions by a client. Without this insurance, the financial security of your business could be threatened.

Our financial advisers are available from 8am to 8pm at a time and location of your convenience and will provide bespoke, impartial advice without any obligation.


Ready to find out more? Book an appointment today!

Optimum Financial offer a vast selection of finance & insurance products we are sure to have the cover that's right for you and your family...

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