This form of business insurance helps to mitigate the effects of a death or long-term disablement of a “key person” within the business.

Key person insurance pays a lump sum and is designed to offset the loss of a key person within the business, which can include a director, a specialist employee or a supplier, by:

• Providing a financial means to cover the loss of expertise
• Potential loss of sales
• Reduced profitability
• Time and costs to find a suitable replacement
• Loss of goodwill
• Loss of credit rating