Yes, but they should be aware of the tax consequences of doing so. These depend on who is taking out the plan and what type of business it is.
If the business is a company and they are paying the premiums on a plan taken out by one of the directors or an employee, the premium would be treated as part of their remuneration. They would therefore have to pay income tax and employee’s National Insurance on the amount of the premium. The company can however treat this as an expense and therefore deduct the premium from their profits for corporation tax purposes, but will have to pay employer's National Insurance.
If the business is a partnership and they pay the premiums out of a business account on a plan taken out by a partner, this will simply be classed as part of his drawings and would be subject to income tax and National Insurance in the normal way. If however they are paying the premiums on a plan taken out by an employee, the employee would again have to pay income tax and employee's National Insurance and the partnership would be able to offset the premium against their profits, but would have to pay employer's National Insurance.