If you are considering a protection policy for your business loan it is best to discuss your options with an adviser.
They can assess the level of debt the business has, the ability for it to be repaid should an owner be unable to work due to critical illness or death, and the level and type of protection best for you.
Business loan insurance is not compulsory in the UK. However, for businesses that rely heavily on business owners or shareholders to meet the repayments of outstanding loans, it is worth considering.
It can be even more important if you have personal guarantees on the loans. Being unable to meet loan repayments could leave members of the business financially vulnerable.