Key Person Insurance

Key person insurance (also called key man insurance) provides your business with a lump sum if a key individual dies or is diagnosed with a critical illness. This money can be used to cover lost profits, recruitment costs, repay business loans or maintain cash flow while the business recovers.

What Key Person Insurance Covers

• Death of a key employee or director
• Critical illness diagnosis of a key individual
• Lost revenue and profit during the transition period
• Recruitment and training costs for a replacement
• Repayment of business loans that relied on the key person

Who Is a 'Key Person'?

• Company founders and directors
• Sales directors or individuals responsible for major client relationships
• Technical experts with specialist knowledge
• Anyone whose absence would significantly impact revenue