Key Person Protection

People are the most important asset in the business, they make it all happen. Their sudden loss can have serious financial consequences. Key person cover solves this problem.

Protect your people

The most valuable asset of any business is its 'people'. A key person is some one who is critical to the business and their loss would have a major impact on the business.

Some employees have particular expertise or market knowledge on which the success of the business depends. Their loss can not only affect the day to day running of the company but also the goodwill of the business and in turn profitability. Key people are not just the 'boss' but could be the IT Manager the Sales Manager/Director or perhaps the Technical Manager etc.

Some of the questions you need to ask yourself about the loss of key people from your business are:

1. Can you find a replacement and what will be the cost of this?
2. Will relationships with clients or suppliers be affected?
3. Will relationships with creditors and lending institutions be affected and what could be the worst case scenario?
4. Would the business suffer a loss of revenue for a period of time that needs to be replaced?

Key Person Protection can be arranged to protect against the loss of Capital or Revenue in the event of death, disablement or life threatening illness. An example of Capital is to cover the write down in value due to loss of goodwill or repayment of loans. For Revenue it could cover the costs of replacement or to offset future revenue loss.