Key Person Insurance - Business Advice Cumbria

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Key Person Insurance

Having spent time and money building the business to make it a success, have you considered how vulnerable the business would become through the loss of a key employee as a result of death or critical illness? Companies who rely heavily on key individuals for the continued smooth running of the business, should consider Key Person Protection for these individuals. It is worth noting that a key person is not necessarily a Manager or Director of the company, it could be the person who knows how all the machinery runs; who has all the contacts ie: Somebody without whom the business would struggle to run in its usual efficient way.

Key person insurance can help protect against the financial implication of the loss of a key worker as it creates a financial ‘cushion’ allowing breathing time to recruit and train a new employee. Key person insurance can be taken out in two ways:

  • A lump sum payable to the company on death or critical illness.
  • Income protection – monthly income paid out to the company in the event of illness or injury.

For further help and advice om Key Person Insurance, please call or email to arrange an initial discussion.

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