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Key Person Insurance


Many businesses rely on at least one key person in the business. The business could suffer substantial financial loss on the death or disablement of one of these key persons.

What is a key person?

A business partner, director, manager, accountant, sales person or someone with the vision of the business. Any person whose knowledge, skill and work can produce an income to the business is a key person.

Someone who builds goodwill in the business. A business partner who doesn’t necessarily create income but builds the reputation of the business is a key person.

If any of the above were lost to the business it could lead to lost time and attention for remaining staff, training and recruitment for replacement, lost revenue, sale of assets or injection of more capital and possibly diminished credit standing.

How do I calculate how much Key Person Insurance I need?

There are many calculations for the coverage as it is determined by the person’s position in the business. Often a buyer of a business may believe a particular person is critical to the overall purchase and request a specific amount or an owner of a business may require an amount that would be appropriate to find a replacement and cover a drop in revenue in the short term. Please contact us for an appropriate calculation for you or your business.