Business Owners Policy
Property and general liability bundled into one policy for small and mid-sized firms.
Read more →Business Insurance
Key Person Cover
Business-owned cover on the people the business cannot easily replace.
What this cover does
Where one or two people hold the client relationships, the technical knowledge or the lending relationship, their death or disablement is a financial event for the business. Key person cover pays the company, giving it time to recruit, reassure lenders and stabilise trading.
Typically included
- Lump sum to the business on death of a key individual
- Disability versions paying on long-term incapacity
- Cover sized to profit contribution or replacement cost
- Proceeds usable for recruitment, debt or working capital
Common add-ons
- Buy-sell funding so surviving owners can purchase the departing share
- Loan-protection versions assigned to a lender
- Executive bonus arrangements
- Cross-purchase and entity-purchase structures
Questions
What people ask about key person
Who owns the policy?
The business applies, pays and is the beneficiary, with the individual’s consent. That is what distinguishes it from personal life cover, where the family benefits.
How much cover is right?
Commonly a multiple of the profit attributable to that person, or the cost to recruit and bring a replacement up to speed, plus any debt their departure would call in.
Often taken together
Related cover
General Liability
Third-party injury, property damage and advertising injury claims against your business.
Read more →Quote Key Person Cover
Tell us what you already have and we will show you where this fits — or tell you plainly that you do not need it.