Key Person Cover
A key person can be defined as “anyone with specialist skills or knowledge, or with particularly important areas of responsibility, whose loss to a business would adversely affect its profitability”.
Key Person cover is protection against the financial consequences to a business that would otherwise result from the death or serious illness of someone who is employed by the business. Such a person cannot easily or quickly be replaced and, whilst it is said that no one is irreplaceable, a business can suffer significantly, during the time that it takes to find that replacement.
Key person cover is designed to give your businesses a cash injection in order that profits are effectively maintained while the best replacement is found.
As a business you need to consider how much the loss of profits would be if the key person died or suffered a serious illness. There are other costs to consider such as recruitment, training, and loss of goodwill. Every business is unique and cover should be tailored to the requirements of the business.
Our expert financial advisers can assist you and your business through the decision-making process to ensure you have the right protection in place. To contact us click here.