Protecting your Business

Key person protection insurance


All businesses are run by people and, inevitably, some of those people are going to be more ‘important’ to the well-being of the business than others – it’s a fact of life that’s usually more noticeable, and more critical, in small organisations. Your business may be just you and one other which means that they’re half of the workforce and probably have a particular skill you either can’t do or couldn’t replace – it may well be the reason they’re your business partner. The effect of losing a ‘key person’, particularly in a small business, could be disastrous; without them the business may fail.

A ‘key person’ is described as ‘someone whose skill, knowledge, experience or leadership contributes to the financial success of the business’; someone whose death or critical illness would lead to financial loss. This could be one of a number of people in any business, not just a small business, although the smaller the business, the more obvious the key people and the greater the potential effect of their loss.

Key person protection is an insurance policy designed to insure against the financial loss the business may suffer as a result of the death or critical illness of a key person. The policy, naming the key person, is taken out by the business as either a stand-alone life assurance policy or a combined life assurance and critical illness policy and is often supplemented with loan protection insurance.

Although key person protection insurance won’t compensate for the loss of a friend and valued member of the business, it may help your business survive their loss.

How can One Financial Solutions help you?

Life is full of risks. As a firm of independent financial advisers we can provide you with impartial advice to help you identify the potential risks that you and your business may face.

We’ll work with you to plan an appropriate protection strategy, recommend the best products from across the whole of the financial services’ market, help implement the protective safeguards you need and provide a periodic review. It’s all about ‘risk management’; knowing the risks you face means you can protect your interest in your business.

So, if you’re looking for help with any aspect of protecting your business, please call us on 020 3714 9565 or ask us to call you by sending an email to