Keyperson insurance is a protection policy designed to provide financial support and continuity should a company lose a key member of staff to serious illness or death. A claim can be made, and the proceeds used to replace the loss of profits caused by their absence and help the company recruit a suitable replacement.
Examples of Key persons
- Business Owners/Founders
- Senior/Sales Managers
- High-Performing Sales Staff
- Technical Specialists
- Research and Development Staff
- Sole Traders
- Key Account Managers
- Contractors
Why you need Keyperson Insurance
- Helps a business to keep trading after the loss of a keyperson.
- Protects the reputation of the company by providing financial support that can be used towards satisfying contracts.
- Can help to avoid customers losing confidence in the business.
- Provides financial support should banks and creditors begin calling in loans and/or should suppliers begin asking for alternative payment terms.
- Protects against the loss of key skills, expertise, and contacts.
- Supports business continuity.
