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
Some UK exporters to the US see a chance to grow their firms, even as others fear a drop in sales.
The FTSE 100 drops almost 5%, while the S&P 500 in the US falls roughly 4%.
Changes in the FTSE 100 and other indexes are not just for financial experts, they can affect our lives.
The brands are warning of the impact of employer National Insurance Contribution rises which kick in on Sunday.
Eli Lilly's boss tells the BBC he is doubtful tariffs will bring jobs to the US or raise billions in taxes.