What is Key Person Insurance?
Key Person Protection or Insurance is also referred to as Keyman Insurance and allows you to protect your business against the loss of a key person in the event of premature death or a critical illness. Consider how your business would be affected if your Sales Director was off long-term with a critical illness. This business protection cover allows you to remain in control if the worst should happen and a key person is lost to death or critical illness.
What does it provide?
Many businesses would struggle if a key director or sales performer was not present. Key Person Insurance can provide breathing space with a lump sum payable to your business if the insured dies or is critically ill. This allows the business to continue trading in their absence and for a replacement person to be found and trained. It ensures that any business loans and payments can still be paid or the shares of any deceased director can be purchased if needed.
There are many Key Person Protection policies available and premiums are paid through the company. Therefore, we always recommend taking financial advice if you are considering Key Person Insurance. If you would like to know more, please contact us. Our team are always here to help, call 0333 456 0333.