Start your Business Loan Insurance Quote now
Some of your business loans may have personal guarantees and might have to be repaid immediately if the business owner, partner or manager who took out the loan dies. That’s why we believe that business loan insurance is something that everyone with business debts should really consider investing in.
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Business loan protection insurance (or just business loan insurance) helps companies pay off loans or outstanding overdrafts, mortgages and bills if a key person dies or becomes seriously ill. It is a type of life assurance and can usually only be taken out on a term basis. This means that the policy runs for a specified time (the “term”) and the insurer will only pay out if the person dies or becomes ill during the agreed term.
Whether you need business loan cover depends on the financial stability of your business. Could the business afford to pay off outstanding loans if you or another key person were to die unexpectedly? Or would paying off these loans and debts cause the company serious financial trouble and, potentially, cause the business to collapse? If you think the business would struggle as a result of paying back such loans then business loan protection insurance could be a good idea.
Business loan insurance policies will pay out if the specified person or persons die or are diagnosed with a serious or terminal illness. These payments should help the business manager to pay off the debts accrued and so they won’t have to worry about finances on top of running the business.
Get in touch with our team to discuss what kind of cover your business might need and get a personalised business loan insurance quote.
To talk with one of our experts today, call 03333 440 129. Alternatively, please fill out the form at the top of the page and one of our experts will contact you directly to discuss your requirements.
As the director of a start-up marketing agency, I’m too busy to spend a lot of time researching all of the insurance policies we need, let alone finding time to search for the best cover. When I spoke with Gareth, he was incredibly helpful. He explained to me exactly what I need and then found the best policies for the business, its directors and employees. Now I know that the business and its assets are protected, whatever happens. I would highly recommend Gareth, Darren and the rest of his team.