Key Person

Most business owners will insure their premises, their equipment and their cars. However, the most important assets in the business are often the people. Have you insured yourself against the sudden loss of your most critical resource?

Key Person insurance is designed to protect your business against the loss of a critical person. The cover can be taken out against the life of a business owner, a director or manager, or even a particular individual who has unique skills or knowledge – so anyone whose loss would fundamentally affect the business.

A Key Person policy will deliver a lump sum either on death or on critical illness which can be used to cushion the business either by funding the recruitment and training of a replacement or to protect profits in the short term as the business realigns itself.

Your S&P business adviser will work with your other professional advisers to ensure that the policy meets the needs of the business, using trusts and shareholder/partnership agreements to achieve the best possible outcomes.

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