Business protection
COMMERCIAL INSURANCE - 1ST AUGUST 2002
Burgess has launched an online payment protection insurance package against the risk of business failure or unemployment.
Underwritten at Lloyd’s it is available to all owner directors or partners of UK businesses and their employees, or the self-employed provided that they are aged between 18 and 65 and resident in the UK, irrespective of occupation or the particular industry in which they work.
Benefits of up to £2,500 per applicant per month are available for up to one or two years after only 30 days provided that the insured’s business ceases to trade due to circumstances beyond their control.
For example, this would certainly include component manufacturers affected by the Vauxhall factory closure at Luton; but also famers who sustain incidents of foot and mouth disease and general manufacturers who, due to the high value of the pound, cannot complete with cheap imports.
In addition, premiums are meant to be relatively low. For example, a self-employed cabinetmaker wishing to insure his monthly income of £2,000 for up to 12 months would pay only £50 per month. This would increase to £60 per month for benefits of up to two years.
