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
Trump won the election on a platform of steep import taxes, including tariffs as high as 60% on China.
The US central bank cuts interest rates, as its chairman vows to stay on the job.
Interest rates were cut to 4.75% but the Bank expects inflation to creep higher after last week's Budget.
A number of major firms have warned over the impact of higher National Insurance costs.
Despite the increase, the lender warns mortgage costs could remain "higher for longer" following the Budget.