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Key Person Protection

As a business, you insure your premises, your stock and your vehicles, three elements that can be easily valued but how can you put a price on extensive corporate knowledge?

More and more businesses are appreciating that there are serious implications surrounding the loss of key personnel. They may not be the owners or shareholders of the business but their skills or knowledge may be vital to the everyday running of the business and that is a very difficult thing to value.

Essentially, if you feel the death of a particular employee would negatively affect the profitability of your business, they are considered a key employee. Notwithstanding their in-depth corporate knowledge, the loss of confidence from suppliers, customers or your bank manager can jeopardise the financial security of your business.

The process is straightforward:

  • A policy is taken out to protect the business against the death or serious illness of a key employee
  • This is often a simple Term Assurance policy, which might also include Critical Illness, owned by the firm with the key person named as the 'Life Assured'

The money could be used by the firm to meet financial needs while it reorganises or recruits a replacement. In the case of a Critical Illness claim, the key person may return to work, so the funds could be used to pay a temporary replacement or to replace lost profits.

For more information about Jeffreys Henry Financial’s Key Person Protection options, please call 020 7371 5244 or email info@jeffreyshenryfinancial.co.uk

 

Contact Us

Jeffreys Henry Financial Services
Finsgate
5-7 Cranwood Street
London
EC1V 9EE

Tel: 020 7371 5244
Fax: 020 8371 3112
E: info@jeffreyshenryfinancial.co.uk

 

Jeffreys Henry Financial Services Limited is an appointed representative of Vintage Wealth Management Limited which is authorised and regulated by the Financial Conduct Authority. Number 593380.  Incorporated in England and Wales.  Company number 03824520.  Registered Office: 5-7 Cranwood Street, London, EC1V 9EE. Financial Ombudsman Service is available to sort out individual complaints that clients and financial services businesses aren't able to resolve themselves. To contact the Financial Ombudsman Service please visit www.financial-ombudsman.org.uk.

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Contact

Tel: 020 7371 5244
Fax: 020 8371 3112
E: info@jeffreyshenryfinancial.co.uk