Business protection

Key Person Cover helps protect your business financially if someone who is critical to its success becomes seriously ill or dies. It is designed to give your business breathing space at a time when losing that person could have a big impact.

A key person can be anyone whose skills, knowledge or relationships are central to how your business runs – for example a business owner, CEO, sales director, department head or specialist whose work directly affects revenue. If one of these people was suddenly no longer in the business, it could affect profits, delay plans and even damage confidence from customers or partners.

Key Person Cover can provide a lump sum to help cover loss of profits, recruitment costs or other ongoing expenses while the business adapts and finds a way forward.

Many businesses rely heavily on a small number of people. If a key person is removed from the business without a suitable replacement in place, the impact can be felt in several ways – from stalled growth and disrupted strategy to lost contracts and reduced income. All of these can put real strain on cashflow.

Key Person Cover, sometimes called Key Man Cover, is there to help the business survive that shock. The policy is taken out on the life of a key person, and if they die or suffer a serious illness covered by the policy, a lump sum is paid directly to the business. That money can then be used in whatever way is most helpful to keep things on track.

There’s no one-size-fits-all approach. I take time to understand your business structure, how you make money and the role each key person plays before recommending any cover. That way, the protection is shaped around your real risks and what your business would actually need in a worst-case scenario.

As your business grows and changes, your protection needs may change too. We’re here to help review and update your cover so it continues to support your business over time.