Protect your business against possible losses in case a key person dies or becomes disabled.
How it works
How much you will pay
Each key person is individually underwritten, and how much you will pay depends on the insured amount. This is usually determined by the costs involved in replacing that key person.
Why it’s important to have the right insurance
Losing a key person could mean a slowdown in turnover, a decline in profitability and sales, stricter terms from suppliers, loss of expertise, and dealing with the difficulty and high costs of finding a successor. The payment that an employer receives from key person insurance can be used to absorb disruptions to the business and provide funds to recruit and train a suitable replacement.
Who is a key person?
A key person is anyone who significantly improves the profitability and effective management of your business. For example, someone with specialist skills vital to success in your industry, someone who attracts and retains profitable business, someone whose presence increases the creditworthiness of your organisation, or someone who builds goodwill for the business.