Key person insurance is an important form of business insurance. There is no legal definition for 'key person insurance'. In general, it can be described as an insurance policy taken out by a business to protect that business for potential financial losses that could arise from the death or extended incapacity of an important member of the business specified on the policy.
Business Protection
Business protection is all about insuring for the unexpected. It's a way of protecting your business if something goes wrong.
One of the great risks of a business partnership is that one of the partners may die or suffer a specified critical illness, with his or her share of the business passing to their beneficiaries. The safety net is a pre-arranged scheme to ensure the surviving partners have enough funds to buy out the departed partner's interest in the business.
In the interests of financial security, business stability, and continuity - particularly for private limited companies where there may only be a small number of principal shareholders - it is important to provide a safety net following the loss of a shareholder
UK News
Stress and anxiety among those with debts remains high but help is available, a major survey finds.
The world's largest cloud computing company plans to spend £8bn on new data centres in the UK over the next four years.
Nissan announced this week that it would lay off another 11,000 workers and shut seven factories.
The King's personal wealth is now equal to former prime minister Rishi Sunak and his wife at £640m.
The lobby group calls for travel restrictions to be eased and less red tape between the UK and EU.