Key-Person insurance provides companies with a continuity plan should something happen to a key employee.

Key Person Insurance provides a cash injection to the business if a key employee passes away or becomes critically ill. This money can then cover the potential loss of profits and the cost of recruiting a suitable replacement.

So, who are key people within a business? They’re employees with key skills or knowledge that would be very difficult to replace. Someone without whom the business wouldn't be able to continue trading without suffering considerable financial hardship.

This is where key-person insurance comes into play, mitigating this risk. If a key employee becomes critically ill or passes away, there’s a financial plan in place whilst the business comes to terms with the loss.

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