What is Key Person cover?
Would you becoming ill or dying seriously damage your business? Are there others in the business whose loss would have a similar impact? If so, taking out a Key Person Policy should be considered.
A Key Person Policy will pay money into the business to help cover the impact of their loss. You can use the money for anything that you need in order to survive, from paying sub-contractors to covering investments.
How much do I need?
It is a common misconception that covering the wages of the Key Person is all that is needed. In some circumstances, this may be enough. However, covering their impact on the profits is a more valuable consideration.
Use the Key Person Calculator below to help review how much your Key Person should be insured for.
I already have personal insurance
Great, but that cover is for family protection. This policy pays into the business to help it survive.
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