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Key Person Insurance or ‘Key Man’ Cover

Key Person Insurance or ‘Key Man’ Cover

Is there someone in the business that the business wouldn’t survive without? In business, it’s been said that people are the greatest asset. 

If your business relies on this particular person’s special skill, knowledge, eexpertise or blood sweat and tears, you need to consider what would happen to the business if they were to fall ill or in the event of their unexpected death.

This is an important and appropriate form of ‘Risk Management’ in business strategy that covers the asset, alongside the goodwill of an individual to ensure the business remains viable for years to come.

A Key Person policy can cover events such as a death, total permanent disability, trauma or critical illness. The policy is generally owned by the business and the premium paid for by the business.

For more information, please contact us. 

 

 

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