Key Person Insurance
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What is Key Person Insurance?
Key Person Insurance helps protect a business against the financial consequences of the death, a terminal illness, or a critical illness of a key person to the business.
The loss of a key person may result in loss of profit/turnover, reduced sales, recruitment costs, wasted time, the disruption of development plans or increased workloads for the remaining staff.
Who is a Key Person?
A Key Person could be a:
- Chairman
- Director
- IT Specialist
- Top Sales Person
- Marketing Manager
- Skilled Technician
- R & D Personnel
The serious illness or premature death of one of these key people could have severe financial consequences for your company:
- The investment needed to replace lost knowledge or experience may be significant.
- There could be a shortfall in profits as a result of the key person's absence.
- Years of personal contacts, goodwill and experience could be lost.
- If the key person has a shareholding in the business, the cost of acquiring these shares and maintaining complete control of the business may be significant.
- Possible dissolution of the company.
Have you considered the consequences for your company? At Affinity, we offer a range of effective business insurance solutions. We work closely with businesses to fully understand your company structure and to identify the key people within your organisation. We can help you to ensure that should the worst happen, you will not have to rely on external sources to maintain your business and continue to profit.
We would welcome the opportunity to discuss some of these solutions with you in more detail. Please call us free on 0800 158 3520 to discuss your key person insurance requirements, or complete the enquiry form below. We look forward to hearing from you.