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Our Business Loan Protection Plan is aimed at any business taking a Small Business Loan of up to £25,000*, that wishes to have protection in place for up to 4 key employees being unable to work as a result of an accident, sickness or death. Protection can only be taken at the time you open a loan account.
Premium can be added to the loan and included in the monthly loan repayment or paid up front.
If a key employee is unable to work as a result of accident or sickness, the loan repayments will be paid for up to 12 months. In the event of the death of an employee, the outstanding loan balance (excluding any arrears) up to a maximum of £25,000.
To be eligible for cover employees must be aged over 18 and under 65, be employed or self employed for at least 16 hours per week and live permanently in the UK.
* For loans over £25,000 suitable protection is equally important and can be arranged through any of our branches.
Other relevant Products and Services
To find out more information, choose an option from the list below:
Commercial Payment Protection Insurance, Business Insurance and Vehicle Finance.
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| Business Loan Protection Plan @ a Glance Simple, understandable, tailored policies |
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HSBC Bank plc is a member of the HSBC Bank marketing group. We sell life assurance, pensions and collective investment schemes and advise only on our own range of these products.
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Key Benefits
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Up to 4 key employees accident, sickness and life cover loan repayments paid for up to 12 months for accident & sickness.
Outstanding loan amount repaid upon death, up to a maximum of £25,000 (excludes arrears).
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Typical covers
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Accident
Sickness
Death
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Eligibility
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Available to bank customers only.
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Age
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18 - 65 (Min/Max)
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Maximum cover
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£25,000*
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Min/Max Period
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Duration of the loan (up to a maximum of 10 years).
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Charges and Fees
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Quotation based, premium based on loan and number of key employees. Premiums can be added to the loan monthly repayments or paid up front.
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