Keyman Insurance
Keyman Insurance is cover that pays out for the death or prolonged illness of a key employee which can be anyone from a Director to an ordinary employee with specialist expertise.
The loss of such an employee can put financial strain on a business and in some cases, can literally mean the end of the business. In others, the smaller the enterprise, the more vulnerable it can be after the loss of key personnel.
Losing a key member of staff for any business can lead to:-
- Loss of turnover resulting in subsequent loss in profitability
- Time delay in finding a subsequent replacement
- The ongoing costs of recruitment and training
- Withdrawal of overdraft facilities or even lines of credit being suspended
- Subsequent loss in your company's value
To have effective Keyman protection you need to quantify how much Keyman is required to protect the company in the event of a person's premature death or critical illness. Through The Premier Group, we can guide you in what sometimes can be a rather complex issue.
This specialist insurance is only offered by a handful of Life Assurance companies. We have agencies with those insurers and through our independent status we can offer you the most competitive rates together with expert advice on how to set up this type of cover.
Putting this cover in place, the company or firm insures the life of the key person for a capital sum commensurate with the estimated financial loss to the business in the event of the employee's death or critical illness/permanent disability.
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