Key Person Protection (also known as key man insurance) is a business insuring itself against the financial loss it would suffer if a non directorial key person in their business died or were diagnosed with a specified critical illness if chosen, during the length of the policy. It also pays out if the key person is terminally ill and meet our definition, except in the last 12 months of the policy.
Key Person Protection is a life assurance (or life assurance and critical illness cover) policy taken out to cover the life of a key person within your business. The policy is owned and paid for by the employer, so any payout is payable to the employer.
The loss of a key person in your business could have a severe impact. The business could suffer badly, with sales and profits falling and increased workloads for the remaining staff.
Key Person Protection is designed to pay out a lump sum on the death of the insured key person, during the length of the policy. It could significantly help the business to recover, as the proceeds can be used to help replace lost profit or finding and hiring a replacement.

Key Person Protection Cover allows you to protect your business from the financial impact of losing a key employee (including owners/managers), whose death or illness would have a significant impact on the financial position of the business. It pays out a lump sum that is designed to cover the costs of finding and training a replacement, as well as the costs of recruitment and hiring interim personnel in addition to covering any loss of profitability.

Key Person Protection

Business Loan Protection
You have the option to protect your business by having a plan in place to help repay any loans in the event of the loss of a key person.

Profit Protection
You also have the option to protect a loss in profits or the cost of having to replace an important employee whose long term absence could damage a business in a number of ways.

Business Value Protection
By having Key Person Protection that includes loan and profit protection you are protecting the overall value of your business.