In today’s uncertain environment, protecting your income, your business, and the people behind it is essential, not optional. Use this checklist to ensure your protection strategy remains robust, tax-efficient, and fit for purpose.

🔒 Personal Income Protection

• ☐ Do you have Income Protection in place to cover your earnings if illness or injury prevents you from working long-term?
• ☐ Would your current policy realistically cover your monthly outgoings and lifestyle?
• ☐ Have you reviewed your waiting period and benefit level recently?
• ☐ As a contractor or sole trader, have you considered how inconsistent income patterns impact your cover?

🏢 Business Protection Essentials

• ☐ Have you identified key individuals whose absence would significantly impact revenue or operations?
• ☐ Do you have Key Person Cover in place to protect against financial loss if they are unable to work or pass away?
• ☐ Would your business survive the temporary or permanent loss of a founder, director, or specialist employee?

💼 Shareholder & Partnership Protection

• ☐ Do you have agreements in place to protect the business if a shareholder or partner dies or becomes critically ill?
• ☐ Is your Shareholder/Partner Protection aligned with your current business structure?
• ☐ Have there been any recent changes in ownership or roles that require updates?

📊 Tax-Efficient Protection Strategies

• ☐ Are you utilising policies that can be paid through your limited company?
• ☐ Have you explored:
  • Executive Income Protection
  • Relevant Life Insurance
  • Key Person Insurance
• ☐ Are you maximising tax efficiency while ensuring comprehensive protection?

🔄 Regular Review & Adequacy Check

• ☐ When was your last full protection review? (Ideally annually)
• ☐ Has your income, turnover, or business structure changed since your last review?
• ☐ Are your cover levels still aligned with your current financial responsibilities and growth plans?
• ☐ Are you aware that underinsurance is widespread, with up to 80% of UK SMEs potentially lacking adequate cover? (Allianz)

⚠️ Risk Awareness

• ☐ Could your business continue if you were unable to work for 3, 6, or 12 months?
• ☐ Do you have a financial contingency plan beyond savings?
• ☐ Are you relying too heavily on personal reserves or goodwill instead of structured protection?

🤝 Expert Support

• ☐ Are you working with a specialist who understands complex income structures and business protection needs?
• ☐ Do you have access to whole-of-market advice to ensure you’re not missing better solutions?

Final Thought

Your business and income are your most valuable assets. As they evolve, your protection should too. Regular reviews ensure you stay protected, tax-efficient, and prepared; whatever the future holds.

Book a review with a Broadbench Protection Specialist to make sure you’re fully covered.

Speak to an expert