Well, the greatest asset of any business is its people. Business life insurance exists because underwriters recognise just how important people are to the ongoing success of any business. The smaller your company, the more integral each person is to everything you do – but even in the largest corporation there will be some people who would be very, very hard to replace.

So what if you lost one? Would you still be able to bring in business? Keep the commitments you've already made to your customers? Make enough money to pay your suppliers, your taxes and your employees?

A business life insurance policy allows you to protect your business against the devastating consequences of losing a key person to death or serious illness.

Types of business protection policies:

• Key person cover offers a lump sum payment to help you through the aftermath of losing an indispensable member of your team.
• Shareholder Protection is a type of insurance designed to protect the co-ownders of small proprietary businesses.
• Business expenses insurance is a short-term cover ideal for small businesses or the self-employed, to help you pay your fixed business costs while you are unable to work.
• Buy / sell insurance and shareholder protection insurance allow you to remain in control of your small company or partnership if you lose one of your co-owners.
• Loan protection insurance ensures you will be able to repay your business debts if one of your guarantors dies.
• Group Cover is combined cover for groups of people, usually members of a superannuation fund or employees of a large company.