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Key Man Protection

What is Key Man Protection?

It can be described as an insurance policy taken out by a business to compensate that business for financial losses that would arise from the death or extended incapacity of an important member of the business. The insurance can only be taken out on a person if they are directly associated who would lose out if he was unable to work.

Why would you take out this type of insurance?

Many businesses have a key person who is responsible for the majority of profits, or has a unique and hard to replace skill set such as Intellectual Property that is vital to the organization.

An employer may take out a key person insurance policy on the life or health of any employee whose knowledge, work, or overall contribution is considered uniquely valuable to the company. The employer does this to offset the costs (such as hiring temporary help or recruiting a successor) and losses (such as a decreased ability to transact business until successors are trained) which the employer is likely to suffer in the event of the loss of a key person.

When can you claim?

There are four categories of loss for which key person insurance can provide compensation:

What can we do?

We here at Niche are insurance experts; we can help you with any queries that you may have. When you contact us about Relevant Life Cover we will take your details and the details of the person you are covering, we will then begin looking for all the cover that you will need and will hunt for the lowest possible quote. Once we have secured you the best deal, we will help you fill out the paperwork and get your plan in order.