Everyone who is in business knows that there are people in their firm that they can’t do without.
Beyond machinery or premises, the people working in the business are usually the key asset that keeps everything moving. So, if you have people who are vital to keeping the business running, it makes sense to insure them.
Maybe it’s one of your specialist team members with skills and expertise that would be difficult to replace, or a key salesperson who has a wealth of knowledge and manages your most important business relationships. Or perhaps this person is you and the business could not cope without you leading it for several months at a time due to illness or injury.
Key Person Insurance enables a regular monetary payment to the company tailored to cover the cost of hiring a replacement to fill the absence until that key person can return to work if they are well enough or you are able to work through a long term replacement plan should a return not be possible.
It is important to work with an Insurance Adviser to ensure the structure of this type of cover matches the needs of your business and both yourself and your insurance provider understand what is and is not covered.