Key person insurance is an important form of business insurance. There is no legal definition for 'key person insurance'. In general, it can be described as an insurance policy taken out by a business to protect that business for potential financial losses that could arise from the death or extended incapacity of an important member of the business specified on the policy.
Business Protection
Business protection is all about insuring for the unexpected. It's a way of protecting your business if something goes wrong.
One of the great risks of a business partnership is that one of the partners may die or suffer a specified critical illness, with his or her share of the business passing to their beneficiaries. The safety net is a pre-arranged scheme to ensure the surviving partners have enough funds to buy out the departed partner's interest in the business.
In the interests of financial security, business stability, and continuity - particularly for private limited companies where there may only be a small number of principal shareholders - it is important to provide a safety net following the loss of a shareholder
UK News
Investment by the Dutch brewing giant will create 1,000 new jobs and reopen dozens of closed pubs.
Train drivers are staging an overtime ban and strikes around the May Bank Holiday.
The firm's boss says extra lanes and technology means changes starting in October will go smoothly.
Xi Jinping is on his first visit to Europe in five years - and it feels much like a charm offensive.
Qantas agrees to pay millions to settle lawsuit accusing it of selling tickets to cancelled flights.