When a key person in a business dies it can have a devastating financial effect. You can help safeguard your business against the death, terminal or critical illness of a key person with key person protection.
Key Person Cover is a Life Cover policy taken out by a business on the life of one of its employees or directors. The cover is designed to protect the profits of companies in the event of death or serious illness of one or more of the company’s key employees. Prestige Financial Solutions can help identify the key persons in your company and calculate the type and amount of cover needed.
The loss of a key person in your business could have a severe impact. The business could suffer badly, with sales and profits falling and increased workloads for the remaining staff. Key Person Protection is designed to pay out a lump sum on the death of the insured key person, during the length of the policy. The lump sum could significantly help the business to recover as the proceeds can be used to help replace lost profit or with finding and hiring a replacement.
For more details on Key Person Protection, or for more information / enquiries on Business Protection, please contact Prestige Financial Solutions