Protecting and providing benefits for your key people provides individuals with valuable financial reassurance but what about the impact on the business? This is an area where the expert advice of the Centor team can help clients create a package that protects them against the consequences of the temporary or permanent loss of a key person.
Key Person Cover is not in itself a product but an application of insurance designed to maintain a company’s business profitability. It aims to provide the replacement costs of an individual whose loss through death, disability or serious illness could have a significant impact on the company’s profits or turnover. This could be through loss of goodwill, technical skills, financial input or a detrimental impact on business critical projects.
Establishing a suitable solution for Key Person Assurance varies depending on the circumstances of the company and the people being insured. It need not be expensive. It can be very simple but in its most flexible form can offer enormous advantages.
A Relevant Life policy is an alternative way of providing a lump sum on death for an individual, without the need to set up a registered group life scheme. This is a very interesting and cost effective option for small business employers and senior people in business with an employer/employee relationship.
The Centor team has experts available to help business put together the right package for their business.