 Key Man Key staff represent the heart of every business. Prolonged absence through serious illness or even death can be terminal for some of these enterprises. The risks are the same for limited companies, partnerships and sole traders.
Key man Cover represents a group of plans all designed to financially protect business from the affects of prolonged illness or even death of staff that are central to the prosperity of the business. The cover can't replace people but it can provide cash to buy time and cover the costs of temporary staff, recruitment and loss of profits.
The cover falls into four categories - insurance to help your business recover during the extended period when your key personnel are unable to work or to train or recruit a replacement, insurance to protect profits, insurance to protect shareholders or partnership interests, and insurance for anyone involved in guaranteeing business loans or banking facilities.
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