Key personnel insurance
Key Person Insurance protects businesses against financial loss, caused by the unexpected death or critical illness of a key employee.
This insurance is particularly important for small and medium-sized businesses who depend on the skills, knowledge and experience of an individual or individuals for their continued success.
A business can choose to take out a life cover only policy, or include a critical illness benefit. In the event of a lump sum payout, the business can use the money in a number of ways:
– They could repay any outstanding loans to ease financial pressure
– They could cover the cost of recruiting and training a new senior member of staff
– They could use it to lessen the impact of lost profits
This type of business insurance is crucial in providing business continuity on the loss of a key person. To get the right level of cover for your business, you’d need to work out the value of your key people. For example, you might want to protect the amount of business a Sales Director brings in, or cover the cost to hire an experienced MD. That’s why it’s important to get advice from an independent adviser.
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