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Protect your high flyers with key man insurance

Every company is a sum of its parts. With such importance placed on each individual element of your business it is imperative to insure yourself against the loss of your irreplaceable assets. Buildings, contents and equipment have long been insured by businesses the world over, but what about your employees? How can you insure against the unexpected loss of one of your highest performing, most profitable members of staff?

Key man insurance does exactly that; it acts as a life insurance policy on the key individuals in your business. In a small business this is usually the owner, founders or one or two of your best performing employees. These people are crucial to your business and their loss would be catastrophic to your organisation. Such irreplaceable individuals are exactly those you need to cover with key man insurance.

Essentially key man insurance is a life insurance policy for the employees who really make your business tick. The death of a key individual could bring about the dramatic decline of any business, and without key man insurance in place, the death of your company may be as imminent.

If you are covered by key man insurance, the unexpected death of a key employee will result in a payout, enabling your business to survive financially, enduring and battling through a difficult situation. Whether the company uses the insurance proceeds to cover expenses, pay off debts, distribute money to investors or to find and train a replacement, in a tragic situation, key man insurance gives a company greater options than immediate bankruptcy.

Key man insurance - cost effective means of protecting your business

The unexpected death or long-term illness of directors, business partners or key member of staff can ultimately threaten your company’s profits, or even worse, put the long term future of your business in jeopardy. In a small business performance can be significantly influenced by the important contributions of just a few members of staff.

A major factor in the running of any successful business is the control and mitigation of risk. Nobody knows what the future will bring, but being prepared will help you get through even the most difficult of situations. We are a team of key man insurance specialists who can advise you as to a suitable protection policy which affords you all the cover you need.

There are a variety of key man insurance policies providing cover in a variety of eventualities. We can advise as to the best options depending on the nature of your business and its financial situation. As we are independent business insurance brokers, we can not only find you low cost key man insurance, the quotes will often be lower than if you approach insurance companies direct and, more importantly, you won’t have to spend all day ringing around insurance companies, answering the same old questions, in an effort to find cheap key man insurance.

Key man insurance isn’t just for owners and directors

Think about who the key people are in your business. When you consider who it is that makes you profitable, gives you a competitive edge and organises important tasks, you’ll probably find that quite a few people are irreplaceable...

• Sales people who directly generate sales and grow profits
• Marketing staff who discover and dominate new markets
• Integral managers, such as HR or IT specialists

Insuring against the death or critical illness of these individuals doesn’t cost a lot and can give you the security and confidence needed to grow.

Why is key man insurance becoming so popular?

Quickly becoming a mainstream type of business cover, key man insurance is often chosen because the payout you receive can help with:

• Recruiting new members of staff
• Funding additional staff training
• Covering the cost of reorganisation
• Paying off outstanding finance
• Purchasing shares from a deceased shareholder’s estate

Many banks and investors now require key man insurance to be in place before giving finance to a company.

To insure your business against the unforeseen risks of the future, consider keyman insurance. We are dedicated experts with years of experience in the industry. Call our friendly team on 029 2069 5937 or email info@keyman-insurance.org with your key man insurance questions.