Key Person Insurance

Without employees, there would be no business. More often than not, it takes a select few employees to drive a business forward and ensure it becomes successful. If you have one or more employees who are crucial to the financial success of the company, you can protect them with Key Person Insurance.

A key person is anyone with valuable skills or knowledge, or someone who brings in large revenue. They might even have great industry connections. Key people in your business don’t have to be a senior employee; it can be anyone, in any role at any level of seniority.

It’s people with these traits that keep a business going. What would happen if they were to pass away?

Key Person Insurance helps the business to protect its most important members of staff. You can take out Life cover and Critical Illness cover under this kind of protection.

The business sets up the cover and it will be responsible for paying the premiums. The policy will pay out if the key employee passes away or becomes critically ill. The business will receive the pay-out, which will help keep the business financially stable by replacing lost profits or even contributing towards recruitment costs. You also have the option to take out Key Person Income Protection, which protects the lost income to the Business should a key employee be unable to work due to illness or incapacity..