Keyman/ Key Person Insurance Advice Kent
In any business there are key people. The ones with the contacts, the expertise in sales, finance or process and those that make "it" happen. With those key people in place the business is succesful and has a future - but what happens without them? The absence of that key person through ill health or death poses a huge risk any business. For a very modest investment that risk can be transferred from the business to an insurer. Risks such as:
- Will the bank call in any loans?
- Will dependents need to withdraw capital?
- Will contacts take their business elsewhere?
- How does the business fund the recruitment of a replacement?
- Who has the specialist knowledge?
- How much profit will be lost in any downtime?
- How long will customers wait?
If a key man is involved in a car crash, the car is covered by law. But is the key man? Yet which is worth more to the business? Keyman insurance puts money into the business should the worst happen.
NB the cost of keyman insurance is often similar to the cost of insuring a car!
Keyman insurance is a plan effected by an employer on the life of a key employee. In the event of a claim proceeds can be paid as a lump sum or phased over a period.
Implementing keyman insurance properly involves a fair degree expertise. For advice on ensuring the survival of your business Contact Us
Also see Life Insurance
