The purpose of Key Person insurance is to provide cover for the people that play a key role in a business.

This could be the owners, partners and employees that perform a critical role in the business.

Just like you need to insure your assets in a business - it’s just as important to insure your people.

What would happen if the only person in your business responsible for acquiring new business suddenly died or became disabled and were unable to keep bringing in new business?

Could your business survive?

If they were a partner of the business would you have to pay them out and could the business afford to do that?

Key person insurance makes sure your business will have the cash it needs to pay out a partner and/or employ someone new to perform their role in the business. It can also cover lost revenue to the business.

It’s an absolutely critical part of succession planning and protecting the longevity of a business.

One of the biggest objections we get from businesses about getting Key Person insurance is that it’s too expensive.

But if we look at the numbers, the cost of losing a key person in a business can be huge and the financial impact devastating for a business.

The right Key Person insurance plan will pay itself off in the event something unforeseen happens. It will give your business much needed access to cash so you can plan your next move.

There’s also a lot to be said for the peace of mind you’ll have as a business owner knowing that your key people in the business are covered and you can keep operating when the chips are down.

Key Person insurance means peace of mind for your business.

If you’ve got key people that play a pivotal role in keeping things running you really need insurance to cover them.

That insurance includes life, disability and trauma cover.

Don’t leave it to chance - it’s not worth it.

If you’re not sure if you think you need it, get in touch and I’ll help you assess your situation free of charge.