When a key person in a business dies or suffers a critical illness it can have a devastating financial effect.
A key person is any individual in a business whose skill, knowledge, experience or leadership contributes significantly to its continued financial success. Key persons might include owners, managing directors, sales managers, research and development staff, creative or technical experts and sole traders.
You can help safeguard your business against the death, terminal or critical illness of a key person with key person protection. Key Person Protection is a life assurance or life assurance and critical illness policy taken out to cover the life of a key person(s) within your business
Should a key person in your business suffer death or a serious illness a policy such as this will allow the business to continue trading at a time of considerable uncertainty and financial pressure.
Working out who to cover and how much for can be quite complex, with the experience and advice from Futures Protect we can make sure your cover is correct and the proceeds can be used to help replace lost profit or finding and hiring a replacement on a permanent or temporary basis.