Business Insurance / Key Person Protection Planning
- Key Person insurance is specifically designed with businesses and their biggest assets – its people in mind. Key Person insurance is usually paid for by the company which is the beneficiary to the sum insured.
- We insure our premises and equipment to cover the loss of it through damage or destruction. Yet we forget our employees are crucial to the survival and profitability of our business.
- This is particularly vital for you; the owner as you have the greatest liability should anything happen to you. Your business would be adversely affected if the people crucial to it would be unable to work.
- A Key Person to your business is anyone who directly contributes to it whether financially or with their specialized knowledge and skills.
- Whilst replacement stock is available if damaged, your business might not be able to recover through the loss of an employee due to either disablement or death. Key Person insurance pays out an agreed amount to your business which can be used to replace or train someone for the now vacant position.
- The aim of this insurance is to compensate the business for losses and to help keep its competitive advantage whilst keeping it profitable. The funds can also be used to replace the profits projected as per future calculations which the employee could have otherwise provided.
Disclaimer - The benefits and descriptions for all products mentioned above are generic only in nature and are dependent on the amount of cover, type of cover, wait periods, limitations of cover, special terms (if any), and the standard terms and conditions of the insurance provider. These may vary from one provider to the other and may vary even within the same product provider’s product range. Above may also not be a complete nor exhaustive list of Risk and Health products available.