Author – Byron P Adser Keyman or Keyman Insurance is a form of business protection insurance. It’s a relatively new type of insurance which offers the business protection on staff members who are particularly important to the business. What Is Key Man Insurance? Key Man Insurance is a vital policy for any business reliant on its staff. The policy protects the income generated by key staff members. Should anything happen to that key person the business is likely to suffer with massive loss of sales or profits. It’s also likely that the business will have to pay out compensation to any clients who’s services have been disrupted, the business will also have the added financial strain of replacing that key person. Key Man Insurance protects against that providing a lump sum to secure the businesses finances so that it doesn’t cause any lasting damage. It is a business contingency plan. A mechanism in place which will allow the business to survive should something drastic happen to one of the businesses key staff members. Who Is A Key Man? A Key Man is an employee in your company who generates a substantial profit or has a wealth of knowledge. A key staff member who is indispensable. The cost of replacing the staff member is likely to be high, as a new employee may expect a higher salary or comprehensive training.The loss of income to the company will be damaging, and could cause further financial problems such as missed loan payments or cause the business to put on hold growth plans. A recent study has found that 39% of business owners expect to be out of business within 18 months of the death or critical illness of their top staff. This shows how vital protecting your businesses income is. What Are The Benefits of Key Man Insurance? Key Man Insurance ensures that the business will have a financial cushion in place should they lose a key staff member to death or critical illness. It protects the business from loss of profit and loss of sales, helps protect the company from competitors, gives financial stability to remaining staff and can provide essential funding to find a replacement staff member. Key Man Insurance provides a financial lifeline to the business and its remaining staff. Where Will I Get The Best Deal?
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