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A KeyMan / Key Man or Keyperson is any member within a business who holds great value to the company and will result in the company receiving a financial loss should they die or suffer from a critical illness such as a heart attack, stroke, brain tumor etc.
A company director / shareholder is usually regarded as a keyman and should they die or suffer a critical illness then a keyman insurance policy will enable the remaining directors / shareholders to purchase their shares to avoid any unwanted or reckless relative / associate from becoming a shareholder within their company.
Top performing staff are also regarded as Key Persons such as sales managers, recruitment managers.
Just imagine your own business and think what would happen should you die or any valuable members of your team die?
Could your company cope financially and continue to operate at a profit?
Sole traders are very much a keyperson and we are finding that more and more small to medium businesses are insuring their whole board of directors or shareholders to help protect its survival should the unfortunate happen.
A Keyman Insurance Policy will provide funds at a much needed time to help cope with the financial pressures of losing a keyperson from within a company.
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