Business Protection

Key Person Cover

If an important member of staff is taken seriously ill or dies the effects on the profits of a business can be severe with a potential loss of sales leading to a reduction of income and cash flow. There may also be costs involved in finding or training a replacement.

Cover can be taken out by a business on the life of a ‘key person’ to protect against the affects of death or the diagnosis of a serious illness or long term absence from work due to illness or injury.

The business owns the policy and receives the benefit in the event of a claim.

There may be tax implications to consider and more than one way to calculate the amount of cover needed so we recommend discussing your needs in more detail with one of our advisers.

If you’re self employed, you’re on your own.

Partners in a partnership or the self employed will need to take out their own personal income protection policy.

Contact us for more information.