Key Person Cover

How would your business cope if your best staff were injured or ill for an extended period of time, especially if you are a small business?

Key Person Cover provides financial protection to businesses in the event an integral employee is unable to work, either temporarily or permanently.

It works by making a monthly payment to the business for the duration of the key person’s absence, providing much needed cash flow and funds to train or hire a replacement if required.

Depending on your specific policy, payments may be as high as 150% of your key person’s regular income. A good risk advisor can assist you in determining your financial requirements.

Your Key Person Cover policy may provide options for a partial or gradual return to work of your key person, by adjusting payments to match the number of hours your key person is able to work.

Key Person Cover may also provide ongoing benefits to your business should your key person have a recurring condition, or suffer a relapse. If you are covered in this scenario any normal waiting period will generally be waived.

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