Some people are irreplaceable. Their unique talents help your business thrive and they may generate a large amount of income for the company. Talk to us today about insuring these important individuals against illness and injury.
Key Person Insurance
Key Person Insurance is an umbrella term for a range of insurances that protect your business from financial loss should a certain person be unable to work due to illness or injury. At Lifetime, we understand how important some people can be. With our help we can create the perfect insurance plan to protect your business against illness and injury.
As a business owner you are usually considered a Key Person. You are the one with the vision for your company, the one with the drive to generate income and the one who motivates the other employees. Without you, your business would not be as successful and if you were unable to work due to illness or injury the company would definitely suffer.
Of course, you can’t be everywhere at once and sometimes certain employees are just as important. It might be that you can’t imagine coping without your office manager or that you rely on the income a certain salesperson brings in. It doesn’t matter who they are or what position they fill, if they’re essential to your business we can help you protect them with one or all of the covers below.
Key Person Income Protection
This provides cover to the business should you or another key person be unable to work due to illness or injury. This can be used to supplement income during the period they are away or provide a temporary replacement while they are out of commission.
This cover is designed to provide a lump sum to the business in the case the key person is unable to work. This money will give you an immediate injection of funds to use however you see fit. This could give you the freedom to train existing staff to fill the void while the key person is incapacitated or it could give you the money to hire a temp. Whatever your business needs, you will have the funds available to cope during this stressful time.
Life Cover and Total and Permanent Disablement Insurance
Sometimes people can’t return to work either because they been permanently disabled or have passed away. Often, the loss of one person can cause a business to crumble and leave the other employees without a job. Key Person Life and Total Permanent Disablement Insurance will help the business replace the key person by paying for training, recruitment costs and supplying funds to replace any lost income.
In 2008, it was estimated that 1,880 businesses ceased operation partly due to an injury to the owner or a key staff member. (ACC Statistics, 2008).
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