Executive Income Protection

This type of protection is mainly for Business Owners and Directors, and protects against the financial incapacity of their employees. It is usually taken out for small to medium sized companies.

You can cover up to 80% of PAYE and Dividends for your employee, in the event that that they are sick. You can also cover NI contributions and employer pension contributions.

The product is designed predominantly to cover an employee of a UK-resident business set up as a Limited Company or a Limited Liability Partnership; it must be a business that is capable of owning an insurance policy.

The employee (person insured) must be an employee of the policy owner's business, and must have been a UK resident and registered with a UK GP for the 2 years prior to the policy being taken out.