Key Person Insurance

The most valuable resource of any business is its staff. Loss of key staff can affect revenue, profit, goodwill and ultimately the value of your business. This means that most small to medium businesses are carrying significant financial risk should the unexpected happen to one of their key people. The big question you have to ask yourself is: Would your business be able to maintain its revenues and profits if one of your key people died or was unable to work for an extended period due to injury or illness? If your answer is no, you need to consider transferring that financial risk to an insurance company.

 

Key person insurance is taken out by a business to compensate that business for financial losses that would arise from the death or extended incapacity of an important member of the business. The insurance payout is a lump sum and is used to offset the costs (such as recruiting a successor) and losses (such as a decreased ability to transact business), which your business is likely to suffer in the event of the loss of a key person

 

Safeguard your business – get in contact today to explore your options.