Life & Health for Businesses
Protect the people your business could not run without.
If you lost an owner, a partner or a key person to death or serious illness, would the business keep running? Business protection puts money where it would be needed most, so the business, the co-owners and their families are looked after.
We arrange key person cover, shareholder and partnership protection, business loan protection and relevant life cover, and we'll compare our panel to find the right cover at the right price for your business.
1 in 4 UK SMEs could keep trading for a month at most if they lost a key person.
94% say their business relies on more than one key person.
45% of owners have never sought business protection advice.
Source: Scottish Widows business protection research, 2025.
Specialist advisers with decades of experience in business cover. Rated Excellent on Trustpilot, and named Insurance Broker of the Decade at the British Insurance Awards 2024.
Why arrange business protection with Howden?
Business cover has to fit your ownership, your borrowing and your tax position, so it pays to have specialists on your side.
- Specialists in business cover. Our qualified advisers arrange business protection day in, day out, with a history in the market dating back decades.
- A choice of leading insurers. We compare cover from our panel, so you can see how the terms and the price stack up.
- Set up the right way. We help structure cover in trust or under the right agreement, so the money reaches the business, the owners or the family as intended.
- Advice at no direct cost to you. We talk you through the options and, where the same cover is available directly, our price promise means you won't pay more by arranging it through us. Terms apply.
- Joined-up thinking. We can look at protecting the business and looking after your people together, so nothing important falls through the gap.
- A proven team. Named Insurance Broker of the Decade at the British Insurance Awards 2024, and rated Excellent on Trustpilot.
Why choose Howden Insurance?
500,000+
protected clients
30+ years
of insuring greatness
Awarded
Insurance broker of the decade
Rated ‘Excellent’
on Trustpilot
What is business protection?
Business protection is insurance that helps a business survive the financial shock of losing an owner, partner or key person to death or serious illness.
It's written for the business rather than the individual, and it pays a lump sum where it's needed most: to replace lost profit, recruit and train a successor, buy out an owner's share, or repay borrowing. Set up the right way, the money reaches the business or the family quickly, and is treated correctly for tax.
We help you work out where the real risks sit, then arrange and compare the cover to meet them.
Does my business need it?
If the loss of one person would hit your profit, your borrowing or your ownership, business protection is worth a serious look.
Most businesses insure the premises, the stock and the vehicles, yet leave the people who actually run them unprotected. The research is stark: nearly a quarter of UK SMEs say they could keep going for a month at most without a key person, and 94% rely on more than one.
So it's worth asking: if you lost the person your business depends on most, how long could it carry on?
If the honest answer is "not long", or "we'd have to find a large sum in a hurry", that's exactly the gap business protection is built to close.
Ways to protect your business
The main forms of business protection each guard against a different risk. Most businesses use a combination.
Key person cover
pays the business a lump sum if someone central to it dies or becomes seriously ill, to cover lost profit, recruitment, and the disruption of losing them.
Shareholder and partnership protection
gives the remaining owners the funds to buy a deceased or seriously ill owner's share, so they keep control while the family receives fair value.
Business loan protection
repays outstanding borrowing, including loans, overdrafts and directors' loans, if a key person or guarantor dies or becomes seriously ill.
Relevant life cover
is a tax-efficient, individual death-in-service benefit for a director or employee, with premiums usually an allowable business expense.
The way business protection is set up matters. It's usually written in trust, or under a cross-option or similar agreement, so the money reaches the business, the co-owners or the family as intended. Tax treatment depends on the type of cover and your circumstances, and can change, so we'd always suggest confirming the details with your accountant. As with any policy, claims are paid in line with the policy terms.
How much does business protection cost?
The cost depends on the cover you choose, the sums involved, and the age and health of the people covered, so there's no single figure.
What shapes the price includes:
- The type of cover, and how many people you protect.
- The sums assured, based on profit, borrowing or the value of each share.
- The age, health and role of the people covered.
- The size and sector of the business.
We don't quote a headline price, because it would rarely reflect your situation. Instead, we compare our panel and confirm a personalised quotation, and for many businesses the cost is smaller than they expect set against the risk.
Most businesses insure the building and the vans. Far fewer insure the people who run them.
Yet for most businesses, the greatest risk is not fire or theft, it's losing the person the business depends on. Business protection puts a plan in place, so if the worst happens the money is there to keep things going, buy out a share, or repay a loan. We'll help you work out what your business would need, and compare the cover to provide it.
Frequently asked questions about business protection
The questions we're asked most often by business owners.
Business protection basics
What is business protection?
Business protection is a set of insurance policies that shield a business from the financial impact of losing an owner, partner or key person to death or serious illness. It includes key person cover, shareholder and partnership protection, business loan protection and relevant life cover, and we help you put the right mix in place.
What is key person insurance?
Key person insurance pays the business a lump sum if someone central to it dies or becomes seriously ill, so it can cover lost profit, recruit a replacement and keep going. The right amount depends on how much that person contributes and how long they'd take to replace.
What is shareholder or partnership protection?
Shareholder or partnership protection gives the remaining owners the funds to buy a deceased or seriously ill owner's share, so they keep control of the business while the owner's family receives fair value. It's usually set up alongside a written agreement, so everyone knows in advance what happens.
What is business loan protection?
Business loan protection repays outstanding business borrowing, such as loans, overdrafts or directors' loans, if a key person or guarantor dies or becomes seriously ill. It protects both the business and any personal guarantees the owners have given.
What is relevant life cover?
Relevant life cover is a tax-efficient way for a business to give a director or employee an individual death-in-service benefit. Premiums are usually an allowable business expense and the payout goes to the person's family through a trust, and we can explain how it would work for you.
Cost, tax and advice
Is business protection tax-deductible?
It depends on the type of cover and how it's set up. Relevant life premiums are usually an allowable business expense, while key person and ownership cover are treated differently, so the tax position depends on your circumstances. We'd always suggest confirming the details with your accountant.
How much business protection do we need?
The right amount depends on your profits, your borrowing, the value of each owner's share, and how central each key person is. We help you work through the numbers so the cover matches the real risk, rather than a rule of thumb.
Who should be covered?
Usually the people the business would struggle most without: owners, directors, and employees with rare skills, key relationships or responsibility for a large share of profit. We help you identify who they are and how much cover each one needs.
How much does business protection cost?
The price depends on the cover you choose, the sums assured, and the age and health of the people covered, so there's no single figure. We compare our panel and confirm a personalised quotation, and for many businesses the cost is smaller than they expect against the risk.
Do we need advice, or can we arrange it ourselves?
Business protection is more involved than personal cover, because it has to fit your ownership, your borrowing and your tax position, which is why most businesses arrange it with an adviser. Our advice comes at no direct cost to you, and we compare cover across our panel to find the right fit.
What happens when you get in touch?
Business protection starts with a conversation, not a form. It helps to have a rough idea of a few things.
- How your business is owned, and who the key people are.
- Your rough profit, and any business borrowing or personal guarantees.
- Whether you'd like to protect the business, look after your people, or both.
- Any cover you already have in place.
You don't need every figure to hand. We'll guide you through it, work with your accountant where it helps, and only recommend cover that's right for the business.