Key Person cover provides a monthly cash injection to keep your business running.
Key person cover is designed to provide a monthly cash injection into the business upon the short or long term disability of a key employee or sole trader of the business.
What Does key person Insurance Cover?
In the event of short or long term disability of a key employee or sole trader of the business, this provides a monthly cash injection into the business so the business can keep going without burden on the other shareholders or key people.
Who Is It For?
Sole traders, shareholders who work in the business in a key position or simply a key employee should all be insured with Key Person cover.
Why Take Out key person Insurance?
If something happens to a key person, the business may be at risk of not being able to continue to operate, you may need to replace that person temporarily or permanently which can be costly. Without this cover in place the shareholders would have to fund this themselves. This monthly cash injection would allow the business to replace the key person and continue to operate, protecting revenues and profitability whilst allowing the shareholders to have time to decide upon a more permanent solution if required.
General Benefits
No need to raise funds
In the case of short or long term disability of a key employee or sole trader of the business, this cover will provide a monthly cash injection so the business can continue to operate.
give shareholders time
This insurance provides a monthly cash injection that will allow the shareholders to act immediately whilst being able to take the time to decide upon a more permanent solution.