Directors and employees with highly specialist skills or knowledge are key employees of the companies they work for. To lose one as a result of a critical illness or death can be damaging to the business. That is why taking out Key Person insurance to protect the company is a wise move.
Key Person insurances can provide several benefits. These can include:
Paying the costs of a temporary replacement
Meeting the costs of recruiting a permanent replacement
Covering the cost of death or incapacity of a key member of staff.
The full scope of cover will depend on the type of policy.
