Key Person Insurance

You may be running your own company, but how well would that company run if you lost your most useful employees? They may be responsible for generating business enquiries, have specialist knowledge or technical skills, look after the finances of the company, or perhaps maintain that complicated piece of machinery.

The vast majority of businesses in the UK employ less than 10 people and even greater dependence can fall on a few key people. With due apologies to the ladies, “Keyman” insurance can be vital to the ongoing success of any business, large or small.

At the end of the day most businesses depend very heavily on their staff and yet whilst bosses insure their business property and their various liabilities, they often overlook insuring possibly their greatest assets, people. Without the right people driving the business, profits may fall and in the worst cases, businesses may fail.

Keyman Insurance can provide the business with a cash sum to help offset the financial loss caused to the company if one of its important employees dies, or perhaps suffers a serious illness and can’t work.

For smaller companies this can mean they have the funds to perhaps recruit specialist staff, or ride out a period when profits have fallen until the person can return to work.

Unlike a piece of machinery, you can’t simply look up the value of a “key person” in a catalogue, nor can you order a replacement one on the internet if yours breaks down. At Ashwood Law our experienced advisers can help you work out what the real costs involved could be and how much insurance you ought to have in place to ensure the future prosperity of your business should the unexpected happen.

We can also advise on the most suitable type of policy, arrange cover with companies from the whole of the market place and make sure that you get value for money. We also recommend that these types of plan are regularly reviewed to keep them fit for purpose as your business develops.

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