Key Man Insurance is designed to offer financial protection for your business should a key individual of the company become ill or die.
Research by Scottish Widows* showed that 81 per cent of small-businesses have key people in their company and are not covered for the loss in profit or cost of replacing those people. This is despite the fact that four in five sole traders believe they have at least one person whose loss through death, critical illness or serious accident would undermine the survival of the business.
Whatever the size of your business, would you be able to cope if a key member of staff such as a vital Sales Person or Director we're suddenly unable to work?
The cover financially compensates losses that arise from the death or extended absence of the key person(s), protecting the future of your business.
Although the cover cannot replace the key person, it can provide the finances to cover temporary staff, recruitment costs or a much needed cash injection.
*Source - The Independent, Sunday 17 January 2010
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