Every business has key people who are driving it forward; it may even be you! Many businesses recognise the need to insure their company property, equipment and fixed assets. However, they overlook their most important assets, the people who drive the business - a key employee, director or shareholder.

Key person cover is designed to compensate a business for the financial loss brought about by the death, disability or critical illness of a key employee, such as a company director. The cover provides a valuable cash injection to the business to aid a potential loss of turnover and provide funds to replace the key person.

It's all about insuring your company's cashflow; insuring that your profits don't suffer unnecessarily.

"Covering key contributors to our turnovers is vital".

Mr L Simmonds, Director, Flat Cap Marketing, North Yorkshire

Company Wills can help you identify key individuals and insure that their loss would not impact your cash flow. We can instigate a plan to replace any loss of profit or repay any outstanding loans, including directors' loans, controlling director's personal guarantees and your bank may insist on some form of Loan Protection.

We will insure that in the event of the death or disability of a key employee your company has sufficient funds to maintain the smooth running of your business. This may vary in size and form but it is vital to ensure the proceeds are paid at the right time.

It may be a simple policy written on the life of an employee who makes a significant contribution to the profits of the business, for example a top sales person or a person with valuable technical expertise.

Company Wills also has specialist critical illness and disability products tailored for the needs of a business as traditional products are not always appropriate. These have been developed to protect businesses from the financial impact of a key employee or business owner suffering from a disabling illness. The cover is designed to pay a lump sum benefit if the life assured is diagnosed with a condition likely to prevent an individual from working on a permanent basis.

This cover is designed to provide a benefit on diagnosis of a disabling or critical illness condition only. There may be less severe illnesses which will not result in a payment, which is why this is complimentary to income protection.

Contact Us to enable your company to protect itself against the loss of a key contributor to cashflow.