About Key Man Insurance
Welcome to this blog about key person insurance (otherwise known as key man insurance). http://keymaninsurancequote.org.uk/key-man-insurance-broker/
We have many years of experience as Key Man Insurance brokers in the UK and this blog is aimed at helping businesses to understand what this type of cover is all about.
Over the years we've been asked to structure just about every type of policy imaginable involving multiple people, varying terms of cover and even multiple businesses within the same policy. Each case is very different, and that's why we make sure understand exactly what your business needs. Without using a broker such as ourselves, businesses run the risk of getting inadequate cover of cover that just isn't fit for purpose.
What Is Key Man Insurance?
We will discuss what key man insurance is, and why all companies should consider whether or not it applies to them in later posts. In brief though, key person insurance is a life and critical illness policy that is taken out by a business in order to compensate the business should something happen to that key person.
All businesses have key people that they rely heavily for their success. What would happen if one of those key people should become critically ill, or even die? In many cases it would leave the business in serious difficulties. It could just be a case that a replacement needs to be found, which could take many months and profits are likely to be greatly effected. In the worst case scenario the company just can't function without the key person and within a matter of months the business fails. This happens more often than you might think.
Make sure these considerations are part of your business planning or it the impact could be serious.
Stay tuned to this blog for more information about key man insurance in due course.