Key Person Protection
All businesses are run by people and most have a few people who are essential: without them the business may struggle or even fail. A large business may be able to make do, but the effects of losing a key person in a small business could be disastrous.
Who are your key people? What would happen if suddenly, for whatever reason, they couldn’t work. What would happen to your business? Would it survive?
Key Person Protection helps safeguard your business against the death or critical illness of an employee who is essential to its wellbeing. It can be either a stand-alone life assurance policy or a combined life assurance and critical illness policy.
The policy is taken out by the business and in the event of the Key Person’s death or illness, the business receives a payout. Although it won’t compensate for the loss of a valued member of staff, it may help your business recover or even survive.
It’s all a matter of risk management.