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Key man insurance
If your business relies heavily on one or two members of staff,
there can be serious consequences for the business if they become ill or die.
Small businesses in particular are often dependent upon a key person for
generating sales, managing a vital client or are simply reliant upon the key
person's expertise.
What is Key man insurance?
Key man insurance helps safeguard a business against the
financial effects of death, terminal illness, or if taken critical illness of
a key person. The loss of a key person may result in reduced sales, loss of
profit/turnover, wasted time, recruitment costs, the disruption of development
plans or increased workloads for remaining staff.
Who is a 'key person'?
A key person is an employee whose continued absence would
affect the profits of the business. Someone whose skills, knowledge, experience
or leadership are important to its continued financial success. Examples of a
key person include, but are not limited to:
- Sales director
- IT specialist
- Managing director
- Head of product development
- Technicians and R&D personnel
Key man insurance calculator
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Impact of no key man insurance
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If your business has an individual or individuals who are
fundamental to its success, you should consider Key man insurance. Complete the
contact us form above top right, if you would like a meeting to discuss options for
your business.
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Wentworth Financial Services Limited is authorised and regulated
by the Financial Services Authority, our FSA register number is 477117.
Check our
regulatory status at
www.fsa.gov.uk