Key Person Cover

This is where the business insures against the financial loss it may suffer as a result of losing a ‘key’ employee to death or a specified critical illness.

Key people are those individuals whose skill, knowledge, experience or leadership contribute to the continued financial success of the business. In many cases this could be the chairman, managing director, or specialist employee (such as an IT specialist), although it could be anyone who’s death or critical illness could lead to financial loss for the business.

The loss of a key person can cause far reaching problems for a business:

Loss or relationships
People like to deal with people they know and losing a key person can mean losing customers to competitors and lead to lower profits.

Loss of professional expertise
Specialist skills and experience can be difficult to replace and their loss can seriously affect a business’s competitiveness.

Cost of recruitment
Competitive job markets mean finding and training a replacement can be expensive and time-consuming.

Key Person Protection could provide the firm with the cash injection it may need to help recover from this loss of profits.  An income protection plan will also provide a regular income for the business if a key person is absent for an extended period due to illness or injury.

We would be delighted to provide you with a Key Person Insurance quotation and/or review your current arrangements. Depending on the size and complexity of your business, this may involve simply taking details over the telephone or through one or more visits to assess your detailed requirements.

Whatever the nature of the review, as Chartered Financial Advisers, you can be assured that we will provide a solution that is based entirely on your needs.  As a first step, please submit your details and brief requirements below. We will then make early contact to deal with your request.

Alternatively call us on 02920 887 733

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