Helping You Protect Your Most Important Personnel with Keyman Cover

Most companies have one or more key members of staff who are of great importance to the success and profitability of their business. This could, for example, be the owner, a managing director and/or an employee or multiple employees with specific technical or other specialist skills. Any individual making a significant contribution to the profitability, smooth running and success of a company can be a keyman.

Keyman Cover

The sudden loss of such an individual’s experience, skills, knowledge and/or leadership through critical illness or death could have major repercussions, including, for example, loss of productivity/profits and/or loss of important business contacts and goodwill – not to mention the cost of recruiting and training a suitable replacement.

In addition, any commercial debts secured on such a person (usually owners, directors or shareholders) would most likely become immediately payable, which could, of course, cause significant financial issues for a business.

Also known as key person insurance or key man insurance, keyman cover protects your business against the unexpected loss of important personnel due to critical illness or death by paying out a lump sum upon a diagnosis of critical illness or the death of an insured key individual. This lump sum can then be used to recruit/train a suitable replacement, pay off outstanding business liabilities and/or cushion the financial impacts of any drop in productivity, loss of contracts, etc.

Expert Advice

We have over 20 years’ experience in helping companies in all industries protect their most valuable assets through keyman cover. Learn more about how we can effectively protect your business and arrange for a free, no-obligation review today by calling our experts on 01279 315 013, using our online contact form or e-mailing us at: info@spectrumfa.co.uk now.