Key Person Assurance

Key Person Assurance

Who’s the life and soul of your business? If you can name them, you probably need Key Person Insurance

Most organisations employ at least one person who is critical to the future success of the enterprise - be it the original founder, a rainmaker, shareholder or some other “Key Person” with a particular skill or expertise. Key Person insurance protects you against the financial consequences of losing key staff members.

Issues to ponder….

  1. Does any member of staff make a large contribution to the company's  income/profits?
  2. Would income fall, even for a short period, if those individuals were unable to work?
  3. Would you need to employ either a temporary or permanent replacement?
  4. Are borrowings covered by Life/Critical Illness Insurance on the directors/partners?
  5. If you already have a Key Person Protection package in place, does this include Critical Illness cover?  Has the sum assured/premium been reviewed recently?

If you answered YES to any of the above, you may have a business protection need. You insure the business itself, but without certain employees the business may not be able to continue in the same way.

Key Person Assurance can provide a cash injection (either as a lump sum or as a flow of income) to the business if a key person dies or suffers a serious illness, allowing the business to continue trading at a time of considerable uncertainty and financial pressure.

What is Key Person Insurance? It can include…

  • Loss of profits suffered until a replacement is found, is in place and is fully effective.
  • Payment for the (often substantial) costs of recruitment and training of a replacement.
  • If absence is due to critical illness, and if a return to work is likely, payment of income to the “absent” person, as well as funding the cost of a temporary replacement.
Key person Assurance can cost as little as...
£ per year Age* Providing £ life cover Number of years of cover
£100 40 £100,000 5
£130 45 £100,000 5
£150 40 £200,000 5
£180 40 £200,000 10
£210 45 £200,000 5
£260 45 £200,000 10

* based on a fit & healthy person

Already have protection in place? Great, but when was this last reviewed..?
Both your business and the economic situation have probably changed significantly in the past couple of years, meaning that the protection you put in place may now not reflect your business going forward.

Contact Henry Metcalf for more information: [email protected] or 01223 200674.

Download: 5 Reasons Art Collectors Need Specialist Insurance PDF Document

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About La Playa Fine Art

Specialist & Independent

Specialist & Independent

Our in-depth understanding of the unique risk exposures in the art world means we speak your language - and we can save you time and hassle in the event of a claim. Our expertise is backed up with efficient and highly personal service and our wealth of experience spans over 50 years.

Whatever your specialism, we’ll take a creative and innovative approach to structuring your Fine Arts insurance programme and select for you an insurer who demonstrates understanding and experience of your field.  We’ll support you with great advice - helping you manage your risks and make good decisions to protect your organization or collection. 

At La Playa, we’re passionate about the arts and creative industries – many of us are practitioners and active consumers; in fact, La Playa founded the first ever corporate art collective.

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