Key Person Insurance

In the dynamic world of business, having a key person at the heart of your operations is invaluable. Their expertise, dedication, and unique skills drive your success. But what happens when unforeseen circumstances threaten their role and the business? That's where Key Person Insurance comes in. It's not just about covering debts or finding a temporary replacement, it's a strategic move to safeguard business continuity and financial stability.

Benefits of Key Person Insurance

Key Person Insurance goes beyond the surface-level risk of running a business, offering a comprehensive shield to ensure business continuity and financial security.

Cash Flow Management tips for business owners as Victoria Begins to reopen

Debt Coverage & Financial Security

Key Person Insurance can provide the financial backing needed to cover any debts or settle any obligations promptly. In the event of a key person's absence due to illness or accident, this insurance ensures that your business can continue to operate smoothly, even if they're away for an extended period.

How to Protect Your Family Home with Proper Estate Planning

Safeguarding Owners

Key Person Insurance offers a unique opportunity to establish Personal Income Protection for business owners. This means that if a key person can't work due to health issues, the business doesn't have to continue paying their wage. Instead, the insurance steps in to reduce the financial impact on the business and its owners.

Do i Earn Enough Money to Need Income Protection Insurance

Working Capital Boost

In a crisis, short-term funding will be worth its weight in gold. Key Person Insurance allows access to additional working capital to manage short-term financial needs, helping your business navigate unexpected challenges with ease.

What is CX Why does your business need it

Streamlined Claims Process

Our approach to Income Protection for business owners is transparent and efficient. We begin with your net profit, make necessary adjustments, and establish an agreed-upon percentage. This ensures that, in the unfortunate event of a claim, there's no need for cumbersome financial evidence. The support you need is readily available, all you need to do is call us and we'll take care of it.

Learn More About Key Person Insurance

Who is a Key Person?

Key persons are usually the linchpins holding everything together. They can be visionary founders, top executives, or skilled employees with unique expertise. Basically the people that seem irreplaceable. Think about these key people in this context, and Key Person Insurance makes a lot of sense. Imagine if one of these indispensable figures were suddenly snatched from the scene, either through the death or incapacity. It's not just a hiccup, it's a business crisis – think lost revenue, ballooning expenses, and the frantic scramble to fill their shoes.

What Types of Businesses Need Key Person Insurance?

Key person insurance could be worth it for any businesses, but mainly those that rely on specific individuals for their success. Here are some types of businesses for which key person insurance is particularly relevant.

Small businesses and startups who often have a small number of key individuals crucial to their operations.
Professional services firms in the legal, medical, wealth or consulting space often depend on the reputation, expertise, and client relationships of key professionals.
Technology startups frequently rely on visionary founders or software developers with specialised skills.
Manufacturing companies often have engineers, designers, or production managers whose knowledge and expertise are indispensable. Key person insurance can help cover the costs of production disruptions.
Marketing and creative agencies rely on creative directors and account directors with unique talents and client relationships.

Business is unpredictable, and every business is different. There's no one-size-fits-all when it comes to key person insurance. Have a chat with BlueRock's insurance experts to figure out if key person insurance is the right tool to keep your business running smoothly when unexpected happens.

Protect Your Business From Key Person Loss