THIS SERVICE IS BY REFERAL ONLY.
Key Person Insurance protects companies against the impact of losing crucial directors or highly skilled employees due to critical illness or death. This insurance is pivotal in mitigating potential damages and ensuring the continued stability of the business.
Key Person insurance
Directors and employees with highly specialist skills or knowledge are key employees of the companies they work for. To lose one as a result of a critical illness or death can be damaging to the business. That is why taking out Key Person insurance to protect the company is a wise move.
Key Person insurances can provide several benefits. These can include:
- Paying the costs of a temporary replacement
- Meeting the costs of recruiting a permanent replacement
- Covering the cost of death or incapacity of a key member of staff.
The full scope of cover will depend on the type of policy purchased but companies ignore the risks of losing key staff at their peril. Shareholders, bank managers, suppliers and customers may not be so laid back.
THE PLAN WILL HAVE NO CASH IN VALUE AT ANY TIME AND WILL CEASE AT THE END OF THE TERM. IF PREMIUMS ARE NOT MAINTAINED, THEN COVER WILL LAPSE.
THE POLICY MAY NOT COVER ALL THE DEFINITIONS OF A CRITICAL ILLNESS. FOR DEFINITIONS PLEASE REFER TO THE KEY FEATURES AND POLICY DOCUMENT.
From covering temporary replacement costs to protecting against losing vital staff members, key person insurance is indispensable for UK businesses. We offer tailored advice to our South London, Bromley, and Beckenham clients on securing their business's continuity. Contact our experienced advisers to explore your business's most suitable protection strategies.