Key Person Protection

Many businesses will find that as they grow, certain employees will gain responsibility for a set of key areas. Whether by evolution or design, business owners / directors may find that they no longer have knowledge or control over these areas, meaning the key delegated individuals will often retain a large amount of information.

Whilst a great lesson in the art of delegation, placing key responsibilities within the domain of a small number of individuals can represent a risk to the business, particularly if one of these key individuals dies or develops a long-term illness.

Such circumstances can put a business under severe financial strain especially if the key individual is a director or senior manager and therefore has a pivotal role. In some instances, the untimely exit of a key individual can even put the ongoing operation of a business into jeopardy.

In order to protect your business from the financial impact of such an eventuality, Key Person Protection (keyman insurance) is available to compensate a business for the loss brought about by death or long term illness of a key employee. Key Person Protection is designed to pay out a lump sum on the death of the insured key person, during the length of the policy. Policies can also include critical illness cover, designed to pay out a lump sum as a one off. Alternatively, a regular income can be paid if key person is off with long term sickness. This valuable cash injection to the business can help with a potential loss of turnover and/or provides funds to replace the key person in question.

Gresham Wealth Management Ltd are highly experienced in working with different types of businesses, from small owner managed businesses up to very large publicly quoted companies, to assess and put in place their insurance needs. As we are not tied to one particular insurance provider, we can provide advice as to the best policy for you and your business.

We fully understand that each business has its own specific requirements and that understanding those requirements is key. To discuss key person protection with us or to obtain a quote for a new policy, please get in touch with us.

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