Keyman insurance has the simple purpose of protecting business owners and their family from a sudden or unexpected change in circumstance.    It offers protection again the loss of a key individual in a business, to ensure that the business can continue functioning at the same level as they did prior to the incident occurring.  

See below for quick answers
to common questions,
or call us to chat more:

What is
keyman for?

Think of it as protecting the goose that lays the golden eggs. In its simplest form it’s an insurance plan to protect and cover key individuals within a business. In most cases these are the owners, directors or an employee the business could not financially continue without.

It protects a business against any loss of profits and ensures there is business continuity should the key individual pass away or become very ill. The aim is to limit the financial impact of the death or critical illness of a key employee by providing a capital injection if the need arises. However, it’s a lot more than just a package of insurance contracts, so lets talk about the in’s and out’s.

What does it

Depending on your requirements your insurance can cover revenue, lost profit and additional costs of recruitment, all as either lump sum or re-occurring monthly payments.

It can often cover both critical illness as well as death. The chances of a serious injury or illness are a lot higher than of a death, so you may want to consider having this as part of your policy as well.

Policies are available to provide cover for owners and shareholders, and also extend to essential employees.

What type of
businesses can
get cover?

Most good businesses are eligible for keyman insurance cover, with no set rules around the type of businesses who qualify. If you have a solid turnover, with key people who are responsible for the majority of profits or make a considerable contribution, then you should consider key person cover.

Often businesses undertaking succession planning also see substantial benefit. Give us a call and we can do a short audit of your business.

Who needs to
get cover?

We always ask our clients “what would happen to the profitability of your business should you suddenly not be there?”

If your business has key people within it who contribute significantly to the business revenue, you need to consider what would happen to the value of the business if that revenue stopped for any reason.

Protect your business by investigating keyman insurance to cover these eventualities.

Click here for our key person calculator to help you decide who needs cover and at what level.

What happens
if I need to
make a claim?

We make it easy at this difficult time - just contact us directly and we will get it sorted for you.