Key Person Insurance
Every business has key individuals. They may have specialised knowledge that has taken years to acquire, or a skill that is in short supply.
In any event, if they were to suddenly become seriously ill, or die prematurely, their absence could cause the company considerable financial difficulty and their replacement could also take a long time and be very expensive. Key person insurance exists to protect your company from this very real risk.
Manage the risk
Take a moment to think about the individuals in your company and how much it would cost to cover their work (assuming this was even possible) until a proper replacement could be appointed.
- Key person cover will enable you to keep the business going forward in times of a crisis.
- It provides cover in the event of a key person becoming ill or suffering from a specified critical illness.
- It pays the company directly which allows the company to continue its business and pays for a new temporary member of staff to carry out their duties until the key person returns to work.
Risk management is an important element of the duties of a director, yet many businesses are exposed to this risk when it could be mitigated so easily – and usually relatively cheaply.
As Independent Financial Advisers we will help you find the plan that best meets your requirements.
Manage the risk