Key Person Protection

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Business Protection Brochure (PDF)

Key Man/Person Insurance is essentially a form of ‘life insurance’ for businesses. It is generally either Life Cover, Life and Critical Illness Cover or Income Protection that is put in place to compensate for financial losses that would arise from the death or serious illness of in important employee, owner or director and to ensure the continuity of the business. There are generally three categories of loss for which Key Man Insurance can be useful.

1. Protect losses related to the extended period when a key person is unable to work; to provide temporary personnel; and, if necessary to finance the recruitment and training of a replacement.
2. Protect profits such as offsetting lost income from lost sales; or losses resulting from the delay or cancellation of any business project that the key person was involved in; or loss of opportunity to expand, loss of specialised skills or knowledge.
3. Protect anyone involved in guaranteeing businesses loans, investments or banking facilities. The value of insurance cover is usually arranged to equal the value of the guarantee, loan or investment.

As a result, a Key Person can be anyone directly associated with the business whose loss can cause financial strain to the business. For example, they could be an owner or director of a company, a partner, key sales people, project managers and people with specific skills or knowledge which is especially valuable to the company.

I am an Independent Adviser who assesses businesses and makes recommendations every day for Key Man Protection.

The assessment and quotation service I offer is completely FREE and you are under no obligation to purchase any products or take any advice I offer.

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