Protecting your business: Keyperson Cover

Business Succession Cover

No matter what size your business is, getting and retaining key staff is crucial to its long term success. Yet, if you, or a key member of staff falls ill or dies, how will the business continue?

A key person is critical to the continuance of your business. Without one or more of these critical people your business could struggle. You may find that direction and control is lost, your ability to get your product to market could be affected or you could lose market share to the competition. You might also find that your bank, customers and creditors lose confidence in your business - ultimately, leading to lost sales, turnover, profit and the viability of your company.

Keyperson cover is designed to help you overcome the affects of losing one or more of your key staff. This provides a lump sum or an income stream to your company whilst the person is incapacitated, or while you are recruiting or training a replacement.

You have insurance on your buildings, vehicles and have public liability insurance. You are protected from fire and accidental damage to your property. Why not insure your most valuable company assets – your key staff members?

Further business protection policies to consider:

All financial advice is given by Penda Financial Management Ltd.

Penda Financial Management is authorised and regulated by the Financial Conduct Authority for advising on and arranging mortgages, insurance and personal investments. FCA number: 504162.