KEY PERSON COVER
Protect your most valuable assets.
What is Key Person Cover?
Key Person Cover, also known as Key Man Insurance or Key Employee Insurance, is a type of business insurance that provides financial protection for a company in the event of the illness, disability, or death of a key person within the organisation. A key person refers to an individual who plays a critical role in the success, profitability, or overall stability of the business.
Key Person Cover provides businesses with financial protection and helps them navigate the challenges that arise from the loss or absence of a key person. It offers stability, financial security, and the ability to continue operating despite unexpected circumstances.
Key Features
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Key Person Cover provides a financial safety net for businesses by offering a lump sum payment in the event of the illness, disability, or death of a key person within the organisation.
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The policy allows businesses to identify and designate key individuals who play a vital role in the company's success, profitability, or overall operations. These individuals are typically owners, executives, or employees with specialised skills, knowledge, or key relationships crucial to the business.
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The coverage amount is determined based on the estimated financial impact the loss of the key person would have on the business. It aims to cover the costs associated with finding and training a replacement, compensating for lost profits, or addressing financial obligations.
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Key Person Cover helps ensure business continuity by providing funds that can be used to recruit and train a replacement for the key person. This helps minimise disruption and maintain business operations during the transition period.
Talk to our experts today to learn how key person insurance can benefit you and your business.
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