Key Person Cover

If a key person in your business was to pass away, what funds would the business require to mitigate the impact? A key person in your business could be someone:

  • Who holds the whole business together
  • Who generates the most revenue
  • Has a key relationship with your biggest client
  • Has specialised technical knowledge or skill
  • Provides regular capital into the business
  • Is connected to financial lending covenants.

The insurance proceeds are paid directly into your business, and could be used to hire a replacement, meet ongoing loan repayments, or to meet ongoing expenses if cash flow is impacted.

Going to a bank and asking for a loan right at the very moment a key person is lost can be extremely daunting, and very challenging. We can provide advice to help protect your business from the loss of key personnel.