Key Person Insurance

Assurein Insurance > Key Person Insurance

The most important asset in any business is its people. The ongoing profitability and sustainability and, as a result, the capital value of the business, are largely reliant on the input of the key employees in the business. Therefore, the loss of a key person constitutes a risk for the business.

What is a key person? A key person is someone whose absence through death or disability will have a material effect on the future of the business in terms of sales and/or the high cost of replacing a skilled employee, as well as the opportunity cost in the loss of profits/sales while a new replacement is being trained.

What does Key Person Insurance Cover?

Key Man Insurance is a simple, cost-effective solution that provides financial security and certainty for a business in the event of the death or disability of a key person.

The business can take out a policy on the life of a key person to cover the business against the expensive replacement costs, or to provide cover against a potential loss.

Benefits of Key Person Insurance to the company

It protects against business risk in the event of unfortunate death of the key person.
The morale of the key employee is boosted. He/she feels important.
It helps in keeping the market price of the company’s shares stable in case of death of the key person
It protects the company’s valuation
The Premiums paid under key person insurance are fully allowed as Business Expenses.

Businessman in office working on digital tablet

Who can be a Key Person?

Anybody with specialized skills, whose loss can cause a financial strain to the company are eligible for Key Person Insurance. They could be:

Directors of your Company
Key Sales People in your company
Key Project Managers in your company
People with Specific Skills in your company

How Do I Start?

Talk or email us at Assurein, we will assess your needs and assist you tailor a comprehensive risk management program that addresses your specific needs.

Alternatively, you can fill the form below and our team will get back to you as soon as possible.

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