Summary

Keyman Insurance should be an essential for all businesses - this article discusses how Keyman Insurance can protect Directors, Shareholders, partners and employees from a range of risks.

Keyman Insurance - a business essential

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your buildings, stock and vehicles, and you will be likely to have public liability insurance. (medical insurance) You may also be insured for professional indemnity and legal costs - but have you considered insuring your most important assets - your key staff?

In the UK there are 3.9 million small, often family, businesses with up to four employees - if one of those key staff were to die or fall seriously ill, it could mean the end of the business, and this goes for limited companies, partnerships and sole traders. (medical insurance)

 

If you are one of those people then you should seriously consider ( mortgage quotes ) Keyman Insurance, and heres why. Keyman Insurance financially protects businesses from the effects of serious illness or death of staff who are central to the success of the company. It does this by providing cash when you need it most, so you can cover loss of profits, inject more cash into the business, or take on temporary staff.

There are actually four different types of Keyman Insurance:

•  to help your business recover during the time that your key ( mortgage quotations ) person is away from work, or to train/take on somebody new;

•  insurance against loss of profits; (health insurance)

•  to provide protection for shareholders or partnership interests; and

•  for people providing businesses loans or banking facilities.

1 Protecting your business if a key person is away from work (medical insurance)

Your key people are the ones who are an essential driving force in your business - the people who if they were away from work for a long period, your business would suffer greatly. This could mean a reduction of sales and profits, or it could mean your business is shaken to the core. Look at the Directors, Partners, owners, think about your senior managers - every business is different but the key people will soon become apparent to you.

Insuring these people will ensure that if they are ill or die, you will have the cash you need to take on someone new, or train a replacement.

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