Key Person Insurance

Many businesses have an individual upon whom the success of the enterprise is either solely or largely reliant. This person could have expertise that nobody else in the business has (e.g. IT expertise), they may be the only person who knows the recipe of a unique product or they may have relationships and contacts that the business is reliant upon for success.

People with expertise and knowledge such as this are referred to as a “Key Person” to a business. A key person may be a business partner or they may be an employee.

Businesses can take out a range of insurances to cover lost revenue or capital in the event that a key person dies or can no longer work due to disability or illness. These funds can be used to ensure the business can continue to operate until a suitable replacement can be found or changes can be made to the way the business operates.

Speak to one of our experienced advisers today to ensure your business can survive the loss of a Key Person.