What is key person cover?
Key person insurance is a monthly or lump sum payment designed to reduce the impact on your business if a key person is no longer able to work.
We all know that people – especially key, pivotal people – are a business’s greatest asset. However, often we insure our building, our equipment, or our other assets like stock, and we overlook our human resources. All of your staff are important, but there may be a few who are critical to your daily operations, and without whom your business would struggle to cope; these are your key people. Effectively life insurance that a business takes out for their certain people – whether the owner, CEO, or a significant employee or two – key person cover provides peace of mind and financial assistance to help a business through a trying time.