What is Key Man Protection Cover?
Key Man Protection is essentially ‘business life insurance’, where a life insurance policy is taken out on your business’s ‘key’ executive or partner. This person is usually essential to the lifeblood of the business and losing he or her would be seen as a major lose. In the event of this ‘key’ person’s death the company would be paid out from the settlement.
How Key Man Protection benefits your business
You know that your company would be at a loss without it’s essential key players. Key Man Protection is one way of lessening the blow of losing an essential part of the functioning of your business, and lets your company get back on its feet by finding someone new or re-strategizing.