Key Person Insurance
Do you depend heavily on the specialist skills, knowledge and expertise of key people within your business? Are these people vital to its effectiveness and profitability? Have you considered the financial impact the death or critical illness of such a key person would have on your business? In some cases the business may be unable to continue.
The success of almost all SME’s is dependent on a few people who make a significant contribution. Ensuring the business is covered in the event of their death or serious illness is therefore a fundamental step in the running of any successful business. A key person is an individual who is vital to the success of a business. This could be owners, directors, sales managers, research and development staff, marketing managers etc and they are likely to be very difficult to replace. It could not only mean loss of profits or contracts but loss of company specific knowledge and processes, contacts and goodwill going forward.
This cover protects future profits and ensures continuity. Your employees are one of the most important resources for the future success of your business so Key person insurance ensures funds become available on claim to make sure your business can continue to run smoothly.
To find out more information about key person insurance please contact us and we will be happy to help.