Many organisations who invest in business insurance often forget about key man insurance.
If you lose a key person from your business it could have a devastating effect resulting in a reduction in sales or a slowdown in production. You may experience a loss of confidence in your business from staff, shareholders, customers and suppliers. If staff leave and customers and suppliers take their business elsewhere the final outcome could ultimately lead to a loss of profits and imminent closure for some companies.
This is particularly important for small companies who have one or two key people leading the organisation, operating in key roles.
With Key Man Insurance you will receive a financial pay out that can help to shield your business and keep things running smoothly. It is possible to insure any of your key members of staff and they don’t necessarily have to be shareholders.
At Carter Lee, we have a range of policies available through leading providers, which offer many benefits including:
- Repayment of loans taken out by the key person.
- Recruitment and training costs for replacement staff.
- Cover of ongoing expenses whilst sales levels recovers as well as payment for outside consultants or expert advice.
We offer a variety of options when it comes to Key Man Insurance including life cover only, critical illness cover or both together. We will advise on the best level of cover and terms depending on your requirements.