Key Person Cover

Safeguard your business against the financial effects of death or serious illness of a key person. The claim is paid to the company, allowing breathing space to help keep the business trading as normally as possible.

You protect the company photocopier - so why not your key people?

It's probably unthinkable not to have insurance protecting your business contents from the effects of breakdown, accidents, fire, flood or theft. However, the effect of losing a key employee within the business would be more difficult to recover from. Proper cover is vital to help your business recover quickly and minimise the effect on your cash flow and profits should an unfortunate event happen.

53% of all businesses say they would cease trading in less than a year after the death/loss of a key person.*

Cash is the lifeblood of all businesses. In fact, many businesses that fail are profitable, but the reason they cease trading is down to a lack of cash flow. Key Person Cover helps ensure that your company receives an injection of cash when it is needed most, enabling you to:

  • Replace lost profits.
  • Avoid any cash flow issues.
  • Repay any outstanding loans/debts.
  • Recruit a replacement on either a temporary or permanent basis.
  • Train other employees to take over the key person's role.

*Source: Legal & General's state of the nation's SMEs report (5th edition)

How long to find a replacement?

12 months

Most businesses estimate it will take up to a year*

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