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Business Protection

Insurance products designed to safeguard your business

We get to know your business so we can recommend the right insurance solutions to protect your assets and optimise your financial strategies. 

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Protect What You've Built with Business Protection Insurance

When you're self-employed, run a limited company, or manage a growing business, your ability to generate income is your most valuable asset. Yet many business owners, contractors, and freelancers leave themselves financially exposed by not putting proper business protection insurance in place. Unlike large corporations with HR departments and shareholder agreements, independent professionals are often left without a safety net if illness, death, or loss of a key person occurs.

Business protection isn’t a nice-to-have—it’s a critical part of future-proofing your company.

It can ensure that your business keeps running, your team stays supported, and your family is financially secure if something unexpected happens. Whether it's protecting profits, covering outstanding business loans, or securing the continuity of ownership, the right protection plan can prevent disruption and long-term financial damage.

At Broadbench, we specialise in working with contractors, freelancers, and business owners who don’t fit the “standard” insurance mould. We understand the complexities of non-traditional income, limited company structures, and the unique risks you face. Our expert advisers will guide you through options such as relevant life cover, key person insurance, shareholder protection, and business loan protection ensuring your plan is tailored to your circumstances and tax-efficiently structured.

When you're searching for the right business insurance for contractors or freelancer life cover, it pays to speak to someone who understands your world. Broadbench is the trusted choice for business protection advice that’s personal, practical, and built around your needs.

Relevant Life Insurance

Relevant life cover is a tax-efficient life insurance policy paid for by your company. It provides a lump sum to your family if you die while employed by the business, without affecting your pension or personal tax position. It's an excellent option for contractors, freelancers, and company directors who want to protect their families via their business.

Ideal for: Limited company contractors, one-person businesses, and small business owners seeking tax-smart protection.

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Key Person Insurance

If your business relies heavily on a founder, director, or specialist employee, losing them could create serious financial strain. Key person cover provides a lump sum to the business in the event of their death or serious illness, helping to cover lost income, recruitment costs, and other disruptions.

Ideal for: Contractors with teams, growing SMEs, and limited company owners relying on key individuals.

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Executive Income Protection

If you're a director or contractor paid through your limited company, your income could stop completely if you're unable to work due to illness or injury. Executive income protection allows your business to pay for a policy that replaces your income during long-term absence—often including pension and dividend cover. The premiums are typically tax-deductible for the company, and the benefit is paid to the business to pass on to you.

Ideal for: Freelancers, contractors, and small business owners seeking personal income cover in a tax-efficient way.

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Business Healthcare Insurance

Business health insurance, also known as private medical insurance for companies, ensures that you and your team can access private healthcare quickly—minimising downtime and speeding up recovery. For small business owners, limited company directors, and freelancers, even a short absence can have a big financial impact. Business healthcare plans can cover everything from diagnostics and treatment to mental health and rehabilitation services.

Ideal for: Directors, consultants, and self-employed professionals who want to avoid NHS wait times and prioritise wellbeing and business continuity.

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Business Loan Protection

If your business has outstanding loans, overdrafts, or director guarantees, business loan protection insurance ensures they can be repaid in the event of a death or critical illness. This prevents personal liability and protects both your company and your estate.

Ideal for: Businesses with startup loans, commercial mortgages, or director-backed financing.

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Shareholder Protection

What happens if a fellow director or shareholder dies or is critically ill? Without a plan in place, control of the business could pass to their estate or next of kin. Shareholder protection insurance gives the surviving owners the funds they need to buy back shares—ensuring business continuity and control.

Ideal for: Co-owned businesses, startups with multiple founders, and family-run firms.

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Professional Indemnity

Professional indemnity (PI) insurance protects your business against claims of negligence, errors, or omissions made by clients or third parties. If a mistake in your advice, design, or service results in financial loss for a client, PI insurance can cover legal defence costs and compensation payouts. For many professions—including consultants, contractors, IT professionals, and designers—this cover is essential and often required by contracts.

Ideal for: Anyone offering specialist advice or services, particularly freelancers, consultants, and professional services firms.

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Tailored Protection for the Way You Work

Whether you're a contractor looking for income protection, a company director planning for succession, or a freelancer seeking business insurance that fits your lifestyle, Broadbench can help. We specialise in personalised advice for people who don’t fit into traditional financial boxes—designing protection plans that work for your unique setup, cash flow, and future goals.

Ready to future-proof your income and your business? Contact Broadbench today.

Not Sure What You Need?

You're not expected to figure it all out on your own. Whether you're looking for life insurance for freelancers, relevant life cover for contractors, or simply need help protecting your income, our expert advisers are here to help. We'll assess your needs, explain your options clearly, and recommend the most efficient and cost-effective route forward.

Speak to a Broadbench adviser today and protect the business you’ve worked so hard to build.

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Get the facts

Whether you're looking to protect your business, safeguard your day rate or just want to learn more about business protection download our guide to find out more.

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FAQs

Why do we need insurance?

Insurance plans are beneficial to anyone looking to protect their family, assets/ property, and themselves from financial risk/ losses: Insurance plans will help you pay for medical emergencies, hospitalisation, contraction of any illnesses and treatment, and medical care required in the future.

How can insurance companies afford to provide large settlements to the policyholders?

The insurance company collects the premium amount for multiple policyholders and invests the fund securely to accumulate over time and pay out the policyholder when they claim.

Why should I use you instead of doing it myself online?

If you are looking for a quick quote, you aren’t in the right place! The reason for that is that a ‘quick quote’ is rarely a good fit for what you need. A typical person takes a guesstimate at the amount of cover they need and is led primarily by the monthly premium, rather than ensuring that the policy actually solves the problem they need it to. An advisor is an expert in their field and works hard to understand who you are and your lifestyle so that the policies you take out truly protect you, and at a cost that suits your budget.

Do business owners, professional or contractors need insurance?

Being a contractor carries certain obligations and legal responsibilities. You have a financial responsibility to your client for errors that you make. Although claims against contractors are rare, they do happen, and the claims can be very high! Having insurance cover fully protects you and provides you with peace of mind.

I’m new to contracting and want to replace my death in service/employee benefits, what are my options?

This is exactly where we can help! Now you are self-employed, it’s important to ensure you, your business and your loved ones are protected in every eventuality. That could include Income Protection, Critical Illness Cover, Life Insurance, Private Healthcare and Pensions.

As a self-employed/limited company business what types of Insurance coverage are compulsory?

It is advisable to consider all elements of insurance to protect you from a variety of risks within your market. If you employ any staff, you are required by law to have Employers’ Liability Insurance.

The only exemptions are limited companies where the owner is the sole employee and unincorporated family businesses where all employees are closely related. Professional Indemnity and Public Liability are often required by your customers under contract.

What insurance policies does an average contractor take out?

While protection and insurance products are personal, and everyone’s circumstances are different, there are a handful of core products that we see our contractor clients taking out.  These include Life Insurance and, specifically, tax-efficient Relevant Life Insurance – which ensures your loved ones are financially protected in the event of your death. Alongside this is Critical Illness Insurance – protecting yourself and your family if you are ill and no longer able to work and earn. Finally, Indemnity Insurance protects your business against any claims made against you.

It’s important to note the value of working with an expert protection adviser firm like Broadbench. We’ll take the time to listen to who you are, and your unique circumstances before designing a protection package that protects exactly what you need it to.

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