Key Person Insurance.

Protecting your businesses most important assets … your people.
Referred to as ‘Key Man’ Insurance back in the stone ages this is a vitally important protection cover that can literally make the difference between a business folding like a deck of cards or being able to continue trading.

More often than not, businesses are heavily reliant on at least one person to make them tick.

Whether it’s the MD responsible for steering the ship or the awesome sales director brining the money in, if something were to happen to this person the business would struggle, at best.

Too often we see businesses fail as a result of losing a key person, quite simply because our people ARE the business.

A question every business should ask themselves is this: If our key person(s) were to die of become critically ill and unable to work long term, how would we cope?

How would this affect cash flow? New business no longer coming in, existing business lost, recruitment fees to find a suitable replacement, how long before they’re up to speed?

Key Person Insurance will pay the business a lump sum of money to alleviate the financial disruption of losing one of your most precious assets – your key people.

Who is a key person?

A key person refers to someone whose role is vital to the smooth functioning of a business

A key person refers to someone whose role is vital to the smooth functioning of a business, including directors, employees, or anyone whose expertise, competence, and experience have an impact on the company’s revenue. To put it differently, it is important to identify the responsibilities that a key person holds. It is worth considering if any financial obligations or loans are reliant on the individual, the potential impact their absence would have on sales, or how their nonattendance would affect future planning.

What are the benefits of key person insurance?

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Financial Protection

In the event of the unexpected death or disability of a key employee, the policy can provide financial support to the business to cover losses and expenses.

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Continuity of operations

Key person insurance can help the business continue operating by providing funds for hiring and training a replacement, paying off debts or loans, and meeting other financial obligations.

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Retaining investors' confidence

The policy can help maintain the trust of investors, creditors, and customers by demonstrating that the business is prepared for unforeseen events.

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Tax benefits

Key person insurance premiums are usually tax-deductible, and the policy’s proceeds are generally tax-free.

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Recruitment and retention tool

The policy can serve as a valuable recruitment and retention tool by assuring employees that the business has a plan in place to protect them and their families in case of unexpected events.

Not what you’re looking for? 

There are lots of protection options available, we can offer them as a stand alone policy or we can tailor a policy to suit your needs. 

Shareholder Protection

Protects shares in a business if a shareholder passes away.

Private Medical Cover

Private healthcare for employees, benefits for employer/employee.

Employee Cash Plans

Health cover for employees, including dental and optical care.