Key person insurance
What would happen to your business if you suddenly lost an important member of your team?
According to Royal London, 54% of small business owners don’t have insurance that protects their company against the sudden loss of a key employee – and 20% of them have never heard of it. But statistically, 46% of UK businesses would be forced to cease trading immediately if a key person died or was unable to continue working through illness or injury.
What is key person protection?
Key person protection - through a life assurance, critical illness, income protection plan, or a combination of all three - provides a lump sum or flow of income to your business if a key member of staff dies or suffers a serious illness. This allows your business to continue trading at a time of considerable uncertainty and financial pressure.
What does key person insurance cover?
- Loss of profits suffered until a replacement is found and in place
- The costs of recruitment and training new staff
- Income to the ‘absent’ person where applicable, plus funds for the cost of a temporary replacement.
How we can help:
We can help you put the right protection plans in place so you don’t lose out if the worst should happen.
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- How does key person insurance keep my business safe?
Want to protect your business?
