Key Person Cover

If you are in business, chances are you insure your premises, vehicles, equipment, and stock against fire, flood theft.

Have you stopped to think what would happen if you were to lose one of the most
valuable assets – the people who make up your business, your key staff including you?

What is Key Person Cover:

Key Person cover is a monthly income that is paid to the business if the insured person is unable to work due to any type of accident or illness.

The policy usually has a standard 4-week waiting period and can pay anywhere from 1-3 years depending on the term selected.

The premiums can be claimed as a business expense and the proceeds from the policy are paid directly to the business/company as the policy owner.

A key person can simply be defined as someone who contributes to the bottom line and who’s absence through disability or death would cause a financial loss to the business. Having insurance on key people can help reduce the impact to your business by injecting cash when it is needed the most.

This provides a buffer period whereby a suitable replacement person can be found and trained, whilst minimising the financial impact to the business.

Benefits and options:

• Choice of waiting periods from as little as 4 weeks to 3 months
• Choice of payment terms from 6 months to 3 years.
• Choices to scale the monthly payments/income from the policy depending on your requirements
• Full cover for illness and accidents.