Most businesses and organisations have people whose departure could have a serious financial impact on the business. While short-term absences can usually be managed, the real issue for many firms is what happens if the key person dies suddenly or cannot work for some weeks or months because of a serious illness or disability. Key person insurance can provide cover against the financial consequences of losing a key person in this way. In other words, it is a type of business continuation insurance.
Key People may include:
- A controlling director who has personally guaranteed bank loans made to the business
- A sales director with extensive business contacts and influence
- A technical director
- A director who has recently been headhunted at considerable expense
- A production director
- A key designer
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