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Key Man Insurance

Key Man Insurance

Key Man Insurance - Does your business have a few essential staff? Protect your business from Key man risks through Key Man Insurance. Talk with an insurance broker to better understand your Key Man insurance requirements.

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Tony Bemrose Insurance Brokers

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Key Man Insurance

Key Man Insurance or more often called Key Person Insurance, is insurance that provides financial protection against lost revenue , profit and overall value of your business if a key person should experience a major illness, injury or even death.

Key man insurance covers important assets within a business, specifically focused on your employees, against the death or incapacaity of a key employee. Often key employees are executives or partners within a business or organisation.  

All sizes of business can utilise Key Man insurance to reduce exposure and impact from losing a key person from the business.

Key man insurance covers a business for the loss a key man or person from the business. It provides financial coverage for the impact to revenue, profit and the businesses capital value if a key man is unable to continue to work with the business due to illness, incapacity or even death.

The cost of a Key Man insurance policy is determined by a few factors. These factors include, but are not limited to:

Age of the key man being covered.

Level, size and scope of the insurance coverage required or desired. 

Level of contribution of the individual to the business.

Uniqueness of the individuals abilities and skills.

 

What is key to remember is that the cost of Key Man Insurance is often a function of the coverage being provided, so cheaper Key Man Insurance may not always offer the same levels of coverage as more expensive alternatives. You want to consider your coverage requirements first, and then seek to find and determine the costs associated.

Using an Insurance Broker for your Key Man insurance needs ensures that your business has managed its risks. Every business is different and an insurance broker can help by assessing your unique business risk profile and providing advice on the best insurance cover, including Key Man insurance for your business. An insurance broker will also help when it comes time to claim, advocating for you to negotiate the best outcome in the settlement of your claim with the insurer.

So whether it's loss of existing contracts, repaying a loan the key person has made to the business or loss of detailed knowledge/expertise necessary to run the business, your Insurance Broker can assist you to be covered.

Customers

Insurance brokers operate on behalf of their customers. Insurance brokers understand both the potential risks that an individual or business may face and also the various insurance policy options and insurance providers that exist across the market.

Insurance brokers can help customers with hard to place risks to find an insurance provider that can meet their needs.

Insurance Brokers work for the customer and are independent of the insurers that they engage with on behalf of their clients. Insurance Brokers work for their customers and have their customers' best interests at heart. Insurance Brokers do not work for the insurer. Insurance Brokers help their clients to find and source available insurance that matches their needs and requirements.

Asking for recommendations from others in your industry or area is a good place to start in looking for an insurance broker. You can search for that insurance broker on Advisr by name.

You can also search for an insurance broker by the type of insurance you need (insurance category), by your industry or by location depending on what is most critical to you. You can learn more about what a broker is like to work with by reading customer reviews left on Advisr. Educating yourself and reading articles by insurance brokers that explain different insurance lines, or dissect exposure to risk in different industries also helps you to find and select an insurance broker that understands your business or personal risk. We have hundreds of articles on Advisr to help you understand your insurance needs and find an insurance broker right for you.