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Key Man Insurance for Your Business

Are you looking for a business protection plan and key man insurance for your business? Contact us for a bespoke quote tailored to protect your business.

Schedule a Free Consultation

*Please note our services are tailored towards UK residents and domiciled persons.

Speak to our Experts:

📞0118 230 1494

Key Man Insurance for Your Business

Are you looking for a business protection plan and key man insurance for your business? Contact us for a bespoke quote tailored to protect your business.

Schedule a Free Consultation

*Please note our services are tailored towards UK residents and domiciled persons.

A key man policy also know as key persons cover protects your business by insuring its key people against the loss of its owner(s).

A Key Man Insurance is designed to protect your business from the financial impact of losing its owner. If the owner dies or becomes unable to work due to serious illness or permanent injury. It provides a cash lump sum that can pay off company loans and other liabilities, purchase shares from a shareholder’s beneficiary, or purchase the interest of a deceased Partners’ share in the business. This will help ensure the business can continue efficiently and effectively.

The loss of a key person due to critical illness, or even death, would have a serious negative impact on the continuity of your business. By insuring your key people, you protect your business with a mechanism in place to cover the costs of replacing revenues lost, meeting additional costs including, where necessary, recruiting replacement people to fulfil the roles carried out by those key people. This helps ensure your business can continue to run effectively and efficiently.

A key man policy also know as key persons cover protects your business by insuring its key people against the loss of its owner(s).

A Key Man Insurance is designed to protect your business from the financial impact of losing its owner. If the owner dies or becomes unable to work due to serious illness or permanent injury. It provides a cash lump sum that can pay off company loans and other liabilities, purchase shares from a shareholder’s beneficiary, or purchase the interest of a deceased Partners’ share in the business. This will help ensure the business can continue efficiently and effectively.

The loss of a key person due to critical illness, or even death, would have a serious negative impact on the continuity of your business. By insuring your key people, you protect your business with a mechanism in place to cover the costs of replacing revenues lost, meeting additional costs including, where necessary, recruiting replacement people to fulfil the roles carried out by those key people. This helps ensure your business can continue to run effectively and efficiently.

Shareholder protection

Shareholder protection insurance will protect your company against the risk that an unwanted third party takes control of your company, by inheriting shares from a co-shareholder, following their death. By producing the required cash, those shares can be bought from the deceased shareholders’ estate. It can also provide the cash required to purchase shares from a fellow shareholder, following a critical illness. To ensure the company is correctly insured, each shareholder should be insured separately.

Key person protection

A key person protection policy provides the required cash to support your business financially, if one of your key team members dies, or suffers a critical illness.

Following them becoming critical illness or death. It could take months, or even years to find a suitable replacement, plus a large amount of money could be lost in recruiting and hiring a locum in the interim.

A key person, or key man policy (as it was called historically) could provide the cash on death or diagnosis of a critical illness of a key team member, to help provide a locum in the interim, help train a suitable replacement, and bridge the gap in revenues in the meantime.

Business loan protection

A business loan or mortgage could be redeemed by the lender if the business owner dies or suffers a critical illness. Continuation of the business could be put at risk, something which could be protected against with the help of Business loan protection.

A Business loan protection policy carries the same characteristics as a personal life assurance policy, however, it is owned by the business or business owner and would provide the funds to settle the business liability on death or diagnosis of critical illness of the business owner.

Key person income protection

Key people in your business should be insured against the risk that business is disrupted due to them being off work sick for extended periods.

Following an accident those wonderful Nurses and Doctors would hopefully keep them alive, however, it could take a prolonged period of time until they are fit to return to work and a "return to work" strategy may need

Key person income protection

to be done in stages. This could have a significant negative impact on the profitability of your business, especially if that person is responsible for a large proportion of the revenues produced for your business.

A Key person Income protection policy can provide financial stability and support for 12 months or more, to help ensure long-term business continuity, of a key person is unable to work due to an accident or sickness.

Partnership protection

Partnership protection insurance works in a similar way to Shareholder protection, in that it protects the partnership from unwanted third-party risk. In the event a partner dies, the partnership receives funds that can help purchase the deceased partners’ share of the business from their loved ones or other beneficiaries. If the partner were taken critically ill, the funds could be used to purchase the incapacitated partners’ share from them.

To ensure the partnership is correctly insured, each partner should be insured separately.

Shareholder protection

Shareholder protection insurance will protect your company against the risk that an unwanted third party takes control of your company, by inheriting shares from a co-shareholder, following their death. By producing the required cash, those shares can be bought from the deceased shareholders’ estate. It can also provide the cash required to purchase shares from a fellow shareholder, following a critical illness. To ensure the company is correctly insured, each shareholder should be insured separately.

Key person protection

A key person protection policy provides the required cash to support your business financially, if one of your key team members dies, or suffers a critical illness.

Following them becoming critical illness or death. It could take months, or even years to find a suitable replacement, plus a large amount of money could be lost in recruiting and hiring a locum in the interim.

A key person, or key man policy (as it was called historically) could provide the cash on death or diagnosis of a critical illness of a key team member, to help provide a locum in the interim, help train a suitable replacement, and bridge the gap in revenues in the meantime.

Business loan protection

A business loan or mortgage could be redeemed by the lender if the business owner dies or suffers a critical illness. Continuation of the business could be put at risk, something which could be protected against with the help of Business loan protection.

A Business loan protection policy carries the same characteristics as a personal life assurance policy, however, it is owned by the business or business owner and would provide the funds to settle the business liability on death or diagnosis of critical illness of the business owner.

Key person income protection

Key people in your business should be insured against the risk that business is disrupted due to them being off work sick for extended periods.

Following an accident those wonderful Nurses and Doctors would hopefully keep them alive, however, it could take a prolonged period of time until they are fit to return to work and a "return to work" strategy may need

Key person income protection

to be done in stages. This could have a significant negative impact on the profitability of your business, especially if that person is responsible for a large proportion of the revenues produced for your business.

A Key person Income protection policy can provide financial stability and support for 12 months or more, to help ensure long-term business continuity, of a key person is unable to work due to an accident or sickness.

Partnership protection

Partnership protection insurance works in a similar way to Shareholder protection, in that it protects the partnership from unwanted third-party risk. In the event a partner dies, the partnership receives funds that can help purchase the deceased partners’ share of the business from their loved ones or other beneficiaries. If the partner were taken critically ill, the funds could be used to purchase the incapacitated partners’ share from them.

To ensure the partnership is correctly insured, each partner should be insured separately.

FREQUENTLY ASK QUESTIONS

Keyperson insurance refers to an insurance policy where the policyholder is the employer and the premium payer. The life assured is the key person in the business the company wants to insure to help protect the business.

Key person insurance is a life insurance policy that companies purchase on the life of an owner, a top executive, or another individual considered critical to the business. The company becomes the beneficiary and pays the premiums for this policy.

Under a key man policy, the business pays the premiums and is the beneficiary. If a key person dies, the business receives a death benefit. That money can be used to help a business replace lost revenue as it searches for a replacement.

FREQUENTLY ASK QUESTIONS

Keyperson insurance refers to an insurance policy where the policyholder is the employer and the premium payer. The life assured is the key person in the business the company wants to insure to help protect the business.

Key person insurance is a life insurance policy that companies purchase on the life of an owner, a top executive, or another individual considered critical to the business. The company becomes the beneficiary and pays the premiums for this policy.

Under a key man policy, the business pays the premiums and is the beneficiary. If a key person dies, the business receives a death benefit. That money can be used to help a business replace lost revenue as it searches for a replacement.

Insurance is available for up to 12 years. May I assist you? As specialists in this field, we are happy to guide you through the process of arranging insurance-backed guarantees.

Discover the advantages of an insurance-backed guarantee and how it can provide added security and peace of mind. Learn how these products work and the types of events they cover, as well as the different risks and costs associated with them.

We’ll also help you understand the potential benefits and drawbacks of a particular product, and provide tips and advice on how to choose the best coverage for your needs.