Key Man Cover Insurance Advice

Key Man Cover, also known as Key Person Insurance or Key Employee Insurance, is a business insurance policy that provides financial protection to a company in the event of the death, disability, or critical illness of a key individual whose knowledge, skills, or leadership is crucial to the company’s success. This individual could be a founder, executive, top salesperson, or any employee whose absence would severely affect the company’s operations or financial stability.

The policy typically pays out a lump sum to the business, which can be used to cover expenses such as:

• Recruiting and training a replacement.
• Offsetting lost profits.
• Managing debts or loans where the key person was a guarantor.
• Providing reassurance to investors or creditors.

This cover is a way for companies to mitigate the risks associated with losing a crucial team member, ensuring business continuity during difficult times. Our specialist advisers will assess several factors to accurately determine the insurance needs of your business, including:

• Identifying Key individuals
• Assessing financial impact
• Determining coverage amount
• Selecting
• Ensuring Policy Ownership and Beneficiary Structure
• Reviewing Existing Policies
• Explaining Exclusions and Limitations

Speak with one of our specialists to safeguard your business by having adequate provisions for the unexpected.