Global High Risk Insurance and International Insurance
Helping to protect businesses against financial losses incurred from the loss of a Key Person
Business Protection Insurance offers a number of different policies to help protect businesses against financial losses incurred from the loss of a person due to death, critical or terminal illness.
There are number of different types of Business Protection Insurance available:
- Key Man Insurance (or Key Person Insurance)
- Business Loan Insurance
- Directors/Partnership Protection
- Relevant Life Insurance
Your Business Protection policy will depend on your individual business needs and set up. To speak with one of our advisors, contact us today!
- Award Winning In-House Claims Team
- Lloyds of London Commercial Broker
- Independent Broker Since 2001
WHAT IS KEY MAN INSURANCE?
A specific cover that helps support a business should anything happen to any key persons in the company. If a business’ most valuable employees suddenly passed away or became terminally ill, the policy works by protecting the business against any financial impacts.
Money is paid to the business to help cover costs for replacing staff, covering profit losses and any other financial implications as a result of suddenly losing a key person in the company who is a key income generator. This can often make a huge difference to the survival and success of a business.
WHAT DOES KEY MAN INSURANCE COVER?
It covers businesses who lose a vital member of staff or Director suddenly due to death, critical or terminal illness. Policies provide cover to businesses by paying out a lump sum of money to help cover profit losses, loan repayments or recruitment.
Losing a key person suddenly can mean the difference between a business surviving or not and Key Man Insurance works to provide business protection to help against potential profit losses and other unavoidable financial losses.
Key Man Insurance isn’t a legal requirement, but is considered a strongly recommended insurance policy for business protection.
WHO IS ELIGIBLE FOR KEY MAN INSURANCE?
Anyone is who is deemed essential to the financial success of a business. This can also include those who might generate a large amount of income for the business, as well as those who have a very specialist or niche skill or expertise.
If any of these people died, suffered a life-changing injury or became critically ill, meaning they could no longer work, a business could experience a significant financial impact.
Their absence could mean that a loan repayment can’t be made, a significant project can’t proceed, or substantial number of customers are lost.
If you have any people in your business who this would apply to, then you should consider Key Man Insurance.
Still not sure if your business would be eligible for Key Man Insurance? Contact our expert teams today to find out the best business protection for you
IS KEY MAN INSURANCE TAX DEDUCTIBLE?
Some scenarios of cover do allow tax deduction.
You can claim tax relief on the premiums as long as the person being insured is not a shareholder of the business and the following details apply:
- Policy term 5 years for less / can have 5-year renewable term
- Employee of the business that’s paying the premiums
- Cover anything except loans
If you would like to know more about Key Man Insurance and tax deduction, please contact one of our experts or call us on +44 (0) 1905 27775.
HOW MUCH DOES KEY MAN INSURANCE AND BUSINESS PROTECTION COST?
The cost of will depend on the individual/s being insured and how much they might be responsible for. At SJL Insurance Services, we build bespoke policies for our clients. We get to know your business and its individual requirements to build cover that protects you. It also means that you’re only paying for the cover you need.
Looking to find out how much Key Man Insurance and Business Protection might cost for your business? Get in touch with our teams or complete our ‘get a quote’ form to find out how we can help protect your business today.
Global High Risk and International Insurance Frequently Asked Questions
What is global high-risk and international insurance?
Global high-risk and international insurance is specialist cover designed to protect businesses and individuals operating, travelling, or working in high-risk locations around the world. Policies can help manage risks linked to political instability, terrorism, kidnap and ransom, medical emergencies, liability claims, and hostile environments.
Who needs global high-risk and international insurance?
This type of insurance is suitable for businesses and individuals working internationally in sectors such as oil and gas, maritime security, journalism, humanitarian aid, construction, logistics, security services, and overseas consultancy. It is particularly important for organisations operating in conflict zones or higher-risk territories.
What does international high-risk insurance typically cover?
International high-risk insurance can include cover for kidnap and ransom, political violence, terrorism, war risks, medical evacuation, personal accident, employers’ liability, public liability, cyber risks, and crisis response services depending on the policy requirements.
What is kidnap and ransom insurance?
Kidnap and ransom insurance provides financial and crisis management support if an employee, contractor, or individual is kidnapped, illegally detained, extorted, or hijacked while working or travelling abroad. Policies often include access to specialist response consultants and emergency support services.
Why is specialist insurance important for high-risk destinations?
Standard business insurance policies may exclude or restrict cover for high-risk regions, conflict zones, or politically unstable countries. Specialist international insurance helps ensure businesses and employees remain protected against the unique risks associated with overseas operations and travel.
Can international insurance cover employees working overseas?
Yes. Many global insurance policies can provide protection for employees, contractors, and executives working abroad. Cover may include international medical insurance, emergency evacuation, personal accident protection, liability cover, and crisis management support.
What is international health insurance?
International health insurance provides medical cover for individuals living, travelling, or working outside their home country. Policies can include access to private healthcare, emergency medical treatment, hospital services, medical evacuation, and repatriation support worldwide.
Which countries are considered high-risk for international business travel?
High-risk destinations can vary depending on political stability, crime rates, terrorism threats, and civil unrest. Countries experiencing conflict, piracy risks, or increased kidnapping activity may require specialist insurance cover before travel or business operations take place.
How much does global high-risk insurance cost?
The cost of global high-risk insurance depends on factors such as destination countries, industry sector, number of employees travelling, business activities, security measures in place, claims history, and the level of cover required.
Why is tailored international insurance important for businesses?
Every international operation carries different risks depending on location, industry, and business activity. Tailored international insurance helps businesses secure appropriate protection against financial losses, legal claims, operational disruption, and emergency situations while operating globally.
Get a Global High Risk and International Insurance quote for the cover you need,
and have peace of mind knowing that you're protected.
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