Key Man

Key Person Protection (Profit Protection)

Does your business include people who are essential for its success?

 If so, you should consider Key Person Protection (Profit Protection).

 Key Person Protection (Profit Protection) explained

The loss of a key person within a business can lead to a reduction in sales and profit/turnover. It can also cause increased workloads for the remaining staff, affect the strategic direction of the business and create additional recruitment costs.

Key Person Protection (Profit Protection) helps to safeguard your business against the financial effects of death, terminal illness, or critical illness* of an identifie

Who is a classed as a key person in your business?

A key person is an employee whose death or continued absence would directly affect the profits of the business. Therefore, anybody whose skills, knowledge, experience or leadership is vital to the continued progress and financial success of the business.

Examples of a key person include, but are not limited to, those in a senior or strategic role such as:

  • Managing Director
  • Sales Director
  • IT Specialist
  • Head of Product Development
  • Technicians and R&D staff

How does it work?

Key Person Protection (Profit Protection) is life assurance or life assurance and critical illness cover (“if also chosen) written on the life of the key person, but owned by the business, so that any money due becomes payable to the employer.

Premiums are paid by the business and this is applicable to Limited Companies and Limited Liability Partnerships. For a partnership, the policy is written on an own life basis and may be placed in trust for the benefit of other partners.

Contact us to discuss how you can protect your business.


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 “If critical illness cover is chosen as an additional option at an extra cost.