Many companies, particularly small Limited companies rely for the majority of their profit on a very small number of very talented individuals.
Those who produce the profit for a company as well as being an asset, are a liability since if they die or fall ill, the company's profits could suffer considerably.
It's therefore necessary to protect these individuals with either Life Assurance cover or Income Insurance cover, or indeed Critical Illness Insurance cover, so that if they fall ill or die, a sum could be made available to the business, which will cushion any fall in profits as a result of their not being able to take part in the business, and indeed can be used for recruitment costs for replacing individuals who have become ill.
We can help you to calculate the amount of Key Man Insurance that you should take on each member of your staff, and for the relatively low cost of providing this cover it is well worth it.
We have in the past seen companies which have had to fold, or have gone into rapid decline, simply because one key member of staff has been taken out of the equation.
Please
contact us
if you feel that you need to look at your own Key Man Insurance needs.
