Key person insurance (also known as key man insurance) protects your business in the event of the loss of an individual who is critical to the company, either through death or critical illness. It’s an important part of your business protection strategy and is often a requirement from investors when funding is being sought.
Background – Challenge
A company operating in the MedTech sector was in discussion with Partners& regarding the insurance arrangements they needed to secure investment. They were introduced to the Wellbeing, Health and Protection (WH&P) team to help with the provision of key person cover as part of the investor requirements.
Cover was required for the MD and additional key members of staff. As well as talking to Partners&, the company was in dialogue with another broker.
What we did – Support
The WH&P team took the time to really listen to the client’s needs and helped them to understand exactly what key person cover is, how it works and why it is often required by investors, as well as how it can support them if something were to happen to “the brains behind the business”.
The overall recommendations made for the insurance solutions and key person cover, whilst meeting the client’s requirements, were more expensive than the offering from the alternative broker.
The client made the decision to go ahead with the alternative broker.
However, shortly after this, Partners& were contacted by the company to review the situation as things were not going smoothly. The WH&P team supported the client with the key person cover applications and arranged the cover needed.
The business insurance was later also secured to provide peace of mind for the company that they could proceed in securing the funding required to grow the business as planned.
The outcome – Perform
Our client has since made several introductions to Partners&, demonstrating their belief in the Partners& approach.
“I really appreciated the team’s professionalism, the details you give on each of the steps are really clear and your responsiveness is much appreciated. This sets you apart from the competition.”