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Business Insurance > Key Person Insurance

Over 16 insurance brokers for Key Person Insurance

Over 16 insurance brokers for Key Person Insurance

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

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Over 11 insurance brokerages for Key Person Insurance

Over 11 insurance brokerages for Key Person Insurance

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Insurance House Bendigo

We are your local Insurance Hous...

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AON Parramatta

At Aon Parramatta, we draw on ou...

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Key Person Insurance

Key Person Insurance or sometimes called Key Man 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 Person 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 Peson insurance to reduce exposure and impact from losing a key person from the business.

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

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

Age of the key person 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 Person Insurance is often a function of the coverage being provided, so cheaper Key Person 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 Person 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 Person 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 The untimely death of the key person, loss of detailed knowledge/expertise necessary to run the business or inability to work, your Insurance Broker can assist you to be covered.

About Insurance Brokers

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.

With almost 4000 Australian Insurance Brokers on Advisr, Advisr is the best place to find an insurance broker right for you. 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.

Key Person Insurance FAQs

Key Person Insurance may be required by individuals and businesses in Professional Services, Legal Services, Engineering, Accountants, Technology Sector, Fintech and Medical Practice.

Types of insurance that you may also consider alongside Key Person Insurance include Business Car Insurance, Cyber Insurance, Liability Insurance, Business Travel Insurance, Small Business Insurance, Key Man Insurance and Professional Indemnity Insurance.

Talk to an insurance broker specialising in Key Person Insurance to find out if you need Key Person Insurance.

Advisr has 16 insurance brokers and 11 insurance brokerages specialising in Key Person Insurance. To find the right insurance broker who specialises in Key Person Insurance, check out this page for specialist Key Person Insurance Brokers.

  • Read real customer reviews to learn more about them
  • Educate yourself about Key Person Insurance by reading articles written by insurance brokers that explain Key Person Insurance
  • Ask friends or colleagues to refer their Key Person Insurance broker to you and look them up on Advisr to read their reviews and connect with them.

Advisr is built to help you understand your insurance needs and find an insurance broker that is right for you.