All businesses both large and small have partners and/or employees who are crucial to the financial success of the business. This person may be a senior manager, sales executive or possibly a less senior employee. Take that person out of the business either permanently or for an extended period of time, and the business may suffer financially.
Keyperson Insurance is designed to deliver a lump sum of money to the business to offset the financial costs of the keyperson's absence. This person's absence may result in a loss of revenue to the business or may require debt to be repaid.
Different types of Keyperson Insurance have different taxation consequences and it is essential that policies are effected with professional advice.
Speak to one of our specialist business risk insurance advisers about how best to protect your business from financial stress resulting from the loss of a key person.