Key Person Insurance

If you insure the fixed assets in your business, why wouldn’t you insure the greatest assets in your business – your people?

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NAPIT case study

If you look after the fixed assets in your business, for example premises, furniture, machinery, company cars and computers, why wouldn’t you insure the greatest assets in your business – your people? The smart money is on the business that has a strategy to mitigate the impact of losing a key person – the people risk.

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How can key person insurance help you?

Key person insurance provides the funds to continue trading, to maintain profit, fund a replacement, pay off a bank loan or repay directors’ loan accounts.

Key people come in all shapes and sizes – ultimately, they are the people on whom the business is dependent in some way.

Take a moment to look inside your business and think about who you really rely on:

  • Business owners who set the strategic direction and run the business
  • A sales person or director who has a major impact or influence on profit
  • Specialists whose skills are hard to replace
  • People who hold relationships with third parties (banks, suppliers or key clients)

Questions to consider

  • Who does your business rely on for contribution to turnover, client introductions, operations management?
  • Would your business be affected if a key employee were taken ill or even worse?
  • In view of the difficult economic climate, would you be able to retain clients / keep employees motivated / repay loans?
  • Is any debt adequately covered should the worst happen?
  • Could your families maintain their standard of living without support from the business?
  • How do you retain control of your business in the event of a shareholder passing away?
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Meet the team

James Porter

Head of Business Protection
Cate Mason

Cate Mason

Client Executive – Business Protection

Tom Stevenson

Client Adviser

James Porter

Head of Business Protection

Cate Mason

Client Executive – Business Protection

Tom Stevenson

Client Adviser