Many firms borrow money to invest in their business or meet ongoing costs, but could your business manage the repayments if a key employee were to sadly pass away or were diagnosed with a critical or terminal illness?

Business Loan Protection could give your business a financial lifeline in the event of losing a key employee.

A key employee is any member of staff who has a direct impact on the business's profits. They could be a business owner, director or any employee with specialist skills.

What is Business Loan Protection?

Business Loan Protection with Legal & General can help your business pay an outstanding overdraft, loan or commercial mortgage, should a key employee die or be diagnosed with a terminal illness (with a life expectancy of less than 12 months) during the length of the policy. It could also pay out if they're diagnosed with a specified critical illness (if Critical Illness Cover is chosen at outset for an extra cost) during the length of the policy.

When you take out Business Loan Protection, your cover should reflect the amount your business owes in borrowed money. This can ensure that if you claim for a pay-out, you have sufficient cover in place to repay your business loans.

There can be serious implications for businesses that are unable to pay back loans, so Business Loan Protection can help to give your staff and stakeholders some peace of mind.