What is Keyman Insurance?

Keyman Insurance is one of the most overlooked types of insurance for business owners. Key man Insurance is designed to protect your business should a key employee become seriously sick or in the case of their untimely death by providing a pay-out to the employer. 

Why do I need Key man Insurance?

Your staff are you most valuable asset. Should a key member of staff be absent from work for a prolonged length of time or should one your key staff members pass away, your business will no doubt suffer financially as a result. While having Key Man Insurance in place, can never replace the loss of life, it can provide financial benefits that will help you to continue to run your business smoothly during this testing time. For example, you may have to hire temporary staff, hire recruiters, experience loss of profit and so forth.

How do Keyman Insurance Policies Work?

Keyman Insurance policies work to insure your key personnel, e.g. managers, other directors, key sales-people etc. Losing key staff will have a negative effect on your turnover and profits. With Keyman Insurance you can also insure for loss of profits. Key Man Insurance can also be implemented in a way that provides the necessary finance to buy shares from the original shareholders. This can be useful where shares are sold by family members and the other shareholders do not want shares held by people they don’t know. Finally, Keyman Insurance can be structured to pay of business loans if any guarantors used, when taking out finance or business loans gets seriously ill or dies. This gives great piece of mind for all involved. Contact IFC Finance today (link to Contact us Page) to discuss Keyman Insurance for your business. We can be contacted on:

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