Our tailored solutions provide your business with protection against the loss of key employees

"A qualified Broker can provide you with the advice and assistance to ensure you are properly protected"

 

Should one or more key members of your staff become seriously ill or die, your business could be left vulnerable. Both their loved ones and the company are affected by the loss.

In the event of a key person leaving the business, business continuity and succession planning features such as key person insurance are designed to help the business survive the loss of profit or costs associated with hiring a replacement. The cost of premiums is deducted from profits for businesses.

 

Standard Covers

 

Term assurance

Term assurance with critical illness cover

Whole of like protection plan

Terminal illness

 

Key Benefits

 

Provides a lump sum to a business on the death of a key person

Provides a lump sum to recruit a replacement

Tax deductible premiums to employer

Guaranteed premiums

 

 

Expert advice from Prima Insurance Brokers

With several years of experience and expertise across the not-for-profit, charity and education sectors. Clients can count on us as their in-house insurance advisers since we take the time to understand their organisation in depth creating a strong, trusting partnership.

We know the charity sector has a wide range of special risks, which can often be confusing. By drawing on our experience and knowledge, we can guide you through every challenge and complexity - from legal requirements to operational set up.

Benefits

When should you consider keyman insurance?
It is important for companies to consider keyman insurance on a regular basis as it provides business continuity. It is prudent to have keyman cover in place to ensure you can maintain your company's success, regardless of whether you are a new company with a core team fueling its growth or an established business with one that has been around for a while.
 
Small businesses that rely heavily on their directors and founders should, in particular, consider keyman insurance, as losing those influential individuals often leads to business failure. A salesperson or someone whose technical knowledge is hard to replace without causing financial damage to the company would also be a key member of staff.
What level of keyman insurance do I need?

Each business is unique, so there's no set amount of cover that should be selected. However, there are a few methods you can use to try and calculate the amount of coverage you need.

You must determine the individual's value to the business, and to do so, you must calculate the percentage of net or gross profit that the person is responsible for. When you have that figure, it's usually a good idea to get quotes for at least 2x their gross profit or 5x their net profit.

This rule, however, does not necessarily apply to your business, which is why we always recommend seeking financial advice from an independent expert.

Analyze the Problem

In this problem solving step, you will want to figure out what caused the problem, what the problem looks like at this moment, and the urgency of addressing the problem.