Key Person Insurance Cover
Here at Eagle Property Solutions we believe Key Person Insurance Cover also known as Key man insurance is a must for many individuals.
Key Person Insurance Cover is similar to Life insurance, whereas the beneficiary is a company. A Business may chose to take out Key Person Insurance Cover in order to protect their business from expenses and profit losses incurred as a result of an employee leaving work, as a result of sickness, disability or death. The amount of cover is determined by the value of the employee and the business they generate for your company, and the time left until they retire.
A Key Person may be a director, manager, shareholder, or any employee that plays an important role in your business’s finances/investments. Some businesses often overlook the financial impact that could be felt as a result of the loss of an employee, while some are not even aware of the existence of Key Person Cover. If the time comes where the insured Key Person is no longer integral to the company or its success, the Key Person Insurance Cover can be terminated.
The nature of the Key Person Insurance Cover will determine what your options are with regards to making a claim or terminating (or transferring) the policy.
Key Person Insurance Cover should be a consideration for small, medium and large businesses, and to businesses in any industry.
For more information on Key Person Insurance Cover please request a call back or call us on 0208 660 0104