Business Protection Insurance Quote

Frequently Asked Questions

• Does Drewberry charge for their service?

  We don’t charge a fee for our service. We believe it shouldn’t cost the earth to protect things as important as your health and finances.

  Instead, we work closely with our providers, and when we set up a policy with one of their products, they provide us with a finder’s fee.

  As a result, we can offer our 5-star service with no fee attached, and you can focus on protecting what’s important to you.

• Can I take out a policy online?

  You can take out a policy online through Drewberry. Simply select the ‘Apply Online’ option once you’ve completed a quote form.

  If you want to speak to an adviser, select the ‘Call Me’ option or find the details for a Business Protection expert at the top of the quote results page.

  You’ll only speak to one person from start to finish with a direct email and phone number to reach them. You never need to worry about automated messages or explaining your situation every time you speak to us.

• Which providers does Drewberry compare?

  We’re entirely independent and impartial, which means we can compare quotes from various providers. It also means we can negotiate better premiums than going to insurers directly.

  We compare leading Business Protection Insurance providers, including:

  • Aegon
  • AIG
  • Aviva
  • Legal & General
  • Liverpool Victoria
  • Royal London
  • Scottish Widows
  • Vitality
  • Zurich

• What types of Business Protection Insurance are there?

  There are a few different types of Business Protection Insurance to choose from, depending on what you’re looking to get covered for.

  • Key Person Insurance
    Is a form of Life Insurance (sometimes called Keyman Insurance) that pays out a lump sum if a key staff member passes away. It provides financial protection for the loss of someone essential for the everyday running of the company.
  • Shareholder Protection Insurance
    Provides cover if one of your shareholders passes away or is diagnosed with less than 12 months to live. Like Life Insurance, it pays out a lump sum.The cover allows the surviving shareholders to buy back the stake of the company controlled by the person who has passed away or is critically ill.
  • Business Loan Insurance
    Provides cover if someone who is key to repaying outstanding debts passes away or is diagnosed with less than 12 months to live. The payout can be used for company overdrafts, company loans and mortgages, director’s loans, venture capital funding, etc.
  • Relevant Life Insurance
    Protects a company director or employee. It pays out a cash lump sum to the family of someone if they pass away or are diagnosed with a terminal illness. The limited company pays for the cover, which means it’s tax-efficient, and the monthly premiums are much cheaper (up to 50%). Premiums also often count as a business expense.

• What’s the difference between level and decreasing cover?

  When taking out a Business Protection Insurance quote, you may see the option for ‘level or decreasing’ cover. Most types of Business Protection Insurance offer level cover, but Business Loan Insurance can be level or decreasing.

  • Decreasing Cover
    Is when the amount of cover you have decreases over time because the loan amount also reduces as you make payments. This is a more common and cheaper option because the risk for the insurer lessens with the amount of cover needed.
  • Level Cover
    With Level Cover the payout amount doesn’t change. It’s the less common choice because it protects interest-only commercial mortgages.

• What are guaranteed and reviewable premiums?

  There are two types of premiums you might be offered for Business Protection Insurance.

  • Guaranteed premiums  – stay the same throughout the policy.
  • Reviewable premiums  – allow the insurer to assess what you pay and potentially increase your premiums. They’ll start cheaper than guaranteed premiums but often become more expensive in the long run.

• What affects the premiums of Business Protection Insurance?

  There are three main policy details that influence the price of your Business Protection Insurance:

  • Length of cover
  • Level of cover
  • If you add Critical Illness Cover

  Details of the person being insured will also affect the premium, including:

  • Age
  • Current health
  • Lifestyle (e.g. if they are a smoker)
  • Family history