Key Person Insurance

A company’s success is largely determined by the contributions of its employees.

Most companies have a small number of ‘key’ individuals who are vital to the continuing success of the business.

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These key people can include the owners, senior directors, sales people, production managers, research and development staff or other people with specialist skills or knowledge.

Often a person’s value to the business is reflected in their remuneration package. When you are trying to identify the key people this can be a good place to start, although this may not always be the case.

Whatever the key person does, their loss could have disastrous consequences for the business. Some of the problems the business may face are:

• loss of profits

• the need to recruit or train a replacement

• loss of important personal or business contacts

• difficulties in meeting existing loan repayments

• loss of confidence from suppliers and customers

• difficulties in raising new finance for new developments

• loss of detailed knowledge of the businesses processes and systems

• having to repay a loan the key person has made to the business

• loss of goodwill.

Having the right protection in place can help to ease all of these problems. Key Person Insurance is designed to provide a cash injection if the key person dies or suffers a critical illness. It can also provide a regular income for the business if the key person is temporarily disabled and unable to work.

It can’t stop the unthinkable from happening, but it can make dealing with the consequences a little easier.

Ask yourself these questions?

* Does your business rely heavily on one or a few key individuals?
* Could your business survive without those individuals?
* What could go wrong if a director/partner were to die or be diagnosed
with a critical illness?
* How would you retain control of the business?
* Do you have a written agreement in place as to what would happen?

If this has raised some questions for you, please contact us for a
Business Health Check
Call us free 0800 043 6701

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Types of business protection

There are three main kinds of business protection:

• Key Person Protection - continuation planning
• Partner/Director Share Protection - succession planning
• Business Loan Protection

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