Key Person Insurance

Any company can take out key person insurance on one of their employees. If that employee passes away or is unable to work, the company will receive a benefit from the key person policy.

Key person insurance (previously known as keyman insurance) is used by a business to insure itself against the loss of key personnel including owners or high-level employees who are integral to the success and profitability of the company.

Possible costs of losing a key person:

  • Loss of revenue generated by the key person.

  • The cost of sourcing and training new employees.

  • Disruptions to the management structure.

  • The existing business debts of the key person.

  • Loss of important relationships (client, supplier, distributor, etc) that may have been built by the key person.

Make sure your business is protected.

Losing a key person can have a big impact on a business. Assess the risk and get the right insurance package.
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