Key Person Cover
Protect your business against the impact of critical illness, terminal illness or death of your most integral employees.
What is Key Person Cover?
Every successful business relies on talented and dedicated people, but none of us know what the future holds.
Businesses will, most likely, own various types of insurance due to legal requirements or to manage the risk of financial loss to the business.
However, many companies don’t cover the risk of losing a key employee. Key person cover can help insure against the financial losses that may arise if a ‘key’ employee dies, becomes terminally ill or suffers a critical illness.
A key person can be anyone essential to the daily operations of your business, including a director, employee, or anyone whose skills, knowledge, and experience significantly impact revenue.
The costs associated with losing such employees through serious illness or death can be compensated.
What are the benefits of Key Person Cover?
Small and medium-size businesses tend to have smaller staff sizes and will feel a greater impact if a key person were to die or become terminally ill. Key person cover can help cover lost profits while the company gets back on track.
Debt repayments would still need to be met even if someone important in the company became ill or died and profits dropped. Without protection, a lender can be unhappy about the debt and cancel the loan.
Cover can fund the recruitment to replace a key person. Finding the ideal candidate could take some time and cost money for recruitment fees and advertising. Key person cover can also help with training costs.
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