Business protection (Keyman Insurance)
Keyman insurance is an often overlooked, but highly important business insurance cover.
Most businesses will seek out public liability insurance and do insure their buildings, stock and vehicles. They are aware of professional indemnity insurance and legal cost insurance. Keyman insurance is at least as important as all of these as it covers your vital staff.
Your key staff are essential to your company, so when they are unable to work due to illness, accident or even worse, death, this could have a significant impact on the health of your business.
Keyman insurance pays out to cover the costs of temporary staff, recruitment of new staff, compensate for loss of profits or provide a much needed cash injection, if your key staff members are unable to work.
There will often be certain staff members who are so important that their loss, even for a short time, may run deeper than the direct effect of their absence. They may be central to the prosperity of your business; their loss could have a knock-on effect on the bottom line and, therefore, you can even insure for loss of profits.
Keyman insurance may also be useful in the situation where a key member of staff and shareholder passes away and the business wishes to buy back their shares, or where the personal guarantor of a loan to the business falls ill or passes away and the bank wishes to call in that loan.
Cobalt Financial have been working with businesses across a wide variety of sectors for years, finding precisely the right Keyman insurance cover for their needs. If you would like to discover more about Keyman insurance, or wish to discuss which policies may be best suited to your business, call us today on 020 8958 8069.