Key Person Insurance

If your business relies on key people – people whose skills, knowledge, experience or leadership are crucial – how would you manage if these people were suddenly unavailable? No-one is irreplaceable, but while you are coping with finding a replacement, your business may suffer a significant financial loss.

A company can insure against the financial loss it would suffer if key people were suddenly unavailable through illness or death.

Such as:

• Finding a replacement.
• Meeting the costs of recruiting a permanent replacement.
• The cost of death or incapacity of a key employee.

Directors often do not consider the full extent of  these costs but shareholders, bank managers, suppliers and customers may often be unforgiving during a period of crisis.

A financial advisor can help you identify the most appropriate policy for your organisation.

Veracity financial planning is not responsible for, nor does the Financial Services Authority regulate advice given with regard to taxation matters regard to trusts; some aspects of tax advice; commercial mortgages or second charge secured lending.