19th February 2020

Key Person insurance - protecting your business

By Sam Mistry
Director
business discussion

Business interruption isn’t just about your material assets, the success of a business can often depend on its people. The sudden loss of a key person or shareholder can prove devastating to a business and can cause long-term, irreparable damage. Their specialised knowledge, skill set or contacts are usually vital to the profitability of the business. This is where Key Person insurance comes in. 

To see how key person insurance can help your business, view our video below:

52% of businesses would cease trading in under a year if a key person died or became critically ill.1

Key Person insurance is designed to pay out a cash sum if the person insured:

  • Dies
  • Meets the terminal illness criteria of insurers
  • Becomes permanently totally disabled (if you’ve chosen additional critical illness cover)

Aston Lark has a specialist Employee Benefits team that can assist in guiding you through the process of deciding on the appropriate amount and length of the cover. As a whole of market broker, we can source on premium and cover to get your key people covered, and your business protected.

To check whether your company and you have the cover you need, please contact Aston Lark Employee Benefits on 0207 543 2818 or make an enquiry here.

 

Legal & General’s State Nation’s SME report (May 2019)