Protection for Your Business

Key Person Cover

You insure your business property and stock, but what about your key person cover?

Protect your most important business assets: Your key people.

Key Person Cover

Key Person Insurance (key man insurance) is a business insuring itself against the financial loss it would suffer if a key person of the company was to die or be diagnosed with a specified critical illness during the length of the policy.


The company purchases the life insurance policy (which could also include Critical Illness cover) on its key employee(s), choosing both the amount of cover and the length of the time required for the policy.

The company then pays for the premiums as they are the beneficiaries of the policy. If the key person then unexpectedly dies or has a specified critical illness, the company would then receive a lump sum payment.

key person cover, key man insurance, Sandbach, Cheshire. RK Henshall

This sort of key person cover is crucial, especially for small businesses, as the loss of that key employee could result in the business ceasing to trade.

Proceeds of the money can then be used to provide an income to cover potential lost revenue plus the costs of sourcing and training a replacement member of staff, thus helping the company to get back on its feet again.

With the Critical Illness cover, you could afford to recruit a new member of staff to provide support during the absence of your key person. This helps the company to run as smoothly as possible and allows your key person the necessary time to fully recover before returning to work.

Who is a key person?

A person within the company that has a direct impact on the company’s profits, such as:

  • Directors
  • Business owners
  • Senior members of staff
  • Any employee with specialist skills and knowledge

key man insurance, key person cover, RK Henshall, Sandbach, Cheshire

Loss of a key person to your business may have a devastating outcome financially but, by taking out this cover, both you and your company will have peace of mind that, should the worst happen, you would still be able to survive and function as a company.

77% believe that the absence of a key person for six months or more due to serious illness would have an impact on their business. Almost 1 in 3 say this impact would be severe.


As a broker, we thrive on getting you the best policy for the best price and deal with the top insurers within this field.

Protecting your key assets: Your key people.

You have built a successful company; you have high performing staff, loyal customers and future prospects look encouraging. It now makes sense to ensure against the loss or incapacity of key employees and it is a cost effective means of protecting your business.

For more information and a free quote on key person cover from a dedicated Protection Consultant, please call Stacey on 01270 758057 or click below.

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