Key Person Assurance
Key Person Assurance is crucial for any business. Businesses insure their cars, equipment and buildings and have public liability insurance plus insurance for stock and asset replacement. However, many businesses forget to cover one of their primary assets – their key staff.
Key staff are crucial for all businesses but particularly for small to medium sized businesses (SMEs). The prolonged absence of key staff through serious illness or even death can result in failure for some SMEs. The risks are the same for limited companies, partnerships and sole traders.
Key Person Assurance is a must in these situations. It can’t replace people but it can provide cash to buy time and cover costs.
Key Person Assurance can be used in many ways. It can insure those involved in guaranteeing business loans or banking facilities. It can help your business recover during the extended period when your key personnel are unable to work, through illness, injury or death. It can also be used to protect business profits, as well as to protect shareholders or partnership interests.
At Kellands Gloucester, we can help you by carrying out a review of your situation, so together we can assess exactly what sort of cover you need.