Key Person Cover
If you lose a key member of your team
We know that a company’s greatest asset is its people. Key person cover provides a pay-out to your business in the event one of your key people is unable to work due to death, illness, permanent disability, or injury. A “key person” is anyone whose loss would significantly affect your revenue or profit, such as a company director or top salesperson.
Your key person cover will pay out a monthly benefit or a lump sum, depending on your policy and the nature of your claim. The funds paid from your key person cover will help support your business during this uncertain time and can essentially be used for whatever you deem necessary. Some examples of what you could use your pay-out for are:
- Paying off debts
- Replacing lost revenue
- Covering recruitment and salary costs
- Protecting against contractual penalties
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Disclaimer: Please note the content provided on this page is intended as an overview and is for general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect new developments in the industry or address your situation. Before making any decisions based on the information provided on this page, please use your discretion, and speak to one of our advisers.