Key Person Protection
What is Key Person Protection?
Key Person Protection helps safeguard a business against the financial effects of death, terminal illness, or critical illness* of a key person.
Who is a ‘key person’?
A key person is an employee whose continued absence would affect the profits of the business. Someone whose skills, knowledge, experience or leadership are important to its continued financial success. This person(s) is essentially the core asset of the business. Examples of a key person include, but are not limited to:
- Sales Director.
- Operations Manager.
- Managing Director.
- R&D personnel.
What is Key Person Protection?
The loss of a key person may result loss of turnover and the disruption of a well functioning business and/or increased workloads for remaining staff.
* If critical illness cover is chosen as an additional option.
