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Key Man Cover

Protect your business against the loss of someone essential to it.

Advice on key person cover, so your business can absorb the financial impact of losing someone whose skills, knowledge or relationships are central to it.

Independent Whole of Market Chartered
Key Man Cover

Key Person Cover

Most businesses depend on one or two people whose knowledge, skills or relationships would be hard to replace. If one of them died or became critically ill, the effect on profits and confidence could be serious. Key person cover provides a lump sum that helps the business recover, whether that means recruiting a replacement, covering lost income or reassuring lenders.

We help you identify who is essential to the business, work out an appropriate level of cover and arrange a suitable policy.

What It Can Help With

  • Replacing lost profits while the business recovers.
  • The cost of recruiting and training a replacement.
  • Reassuring lenders, investors and customers.
  • Protecting outstanding business loans, where a lender requires it.

Cover for What Matters

We take time to understand how your business works and who it relies on, then recommend cover that reflects the real risk. Your first conversation is free and without obligation.

Cover is subject to the terms, conditions and exclusions of the policy. The tax treatment of key person cover depends on how the policy is set up and on your business circumstances.
Why Affinity

Why Choose Affinity

Protect Your Profits

A lump sum that helps the business absorb the loss of someone essential.

Room to Recover

Funds to recruit, retrain and steady the business while it adjusts.

Reassure Lenders

Cover that can support loan requirements and give lenders confidence.

Advice That Fits

We recommend a level of cover that reflects the real risk to your business.

Good to Know

Key Person Cover Questions

Who counts as a key person?+
Anyone whose loss would have a serious financial impact, often a founder, a director or someone with specialist skills or key relationships. We help you identify them.
How much cover does the business need?+
It is usually based on the financial impact of losing that person, such as lost profit or the cost of replacing them. We help you arrive at a sensible figure.
Who pays for and owns the policy?+
The business usually owns and pays for the cover, and receives any payout. We will explain how it is set up and the tax treatment involved.
Can it cover critical illness too?+
Yes, cover can include critical illness, so the business is protected if a key person becomes seriously ill and not only on death.
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