Key Person Insurance
Every team has important individuals within it; whether it’s the owner, driving the business forwards, your sales manager, keeping the orders coming in, or your star IT guy, keeping you ahead of the curve.
Key Person Insurance protects your business in the event of these important individuals leaving, being unable to work, or in the event of their death.
Key Person Insurance features:
- Covers the cost of recruiting a replacement
- Covers the cost of training a new or existing employee
- Replace the financial impact, on profit, the loss of the key person has affected
Key Person Insurance benefits:
- Your company has enough money to cover a fall in profit or loss of revenue, keeping the company trading.
- Avoids you reducing your own personal earnings as compensation for the loss of revenue
- Avoids the need to borrow money to keep the business afloat
- Staff morale remains positive knowing that your company is not in jeopardy.
- Provides you with money to recruit someone with the right skills. This could be the cost of a using a recruitment agency and/or training.