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What would happen to your Business if a Key Person became disabled, and was unable to work for an extended period of time?
Most Businesses insure their buildings, plant and machinery and even their office equipment.
Often what are not insured are the Key People who generate the revenue for the Business.
If an Owner or a Key Person is taken ill, and unable to generate the income, the Business can suffer from the loss of revenue.
Business Protection Insurance, or Key Person cover allows a Monthly Benefit to be paid in the event of illness or injury to a Business Owner or a Key Person in that Business.
As with Income & Mortgage Protection, there are Wait Periods before any payments are made and the payment periods are usually between 1 and 2 years, depending on circumstances.
These payments allow Business Owners to cover ongoing costs, such as Rent and Insurance while they or their Key Person recovers.
Like Income & Mortgage Protection policies, there are several different types of Business Insurance plans on the market, and a professional analysis as to what type of cover best suits your situation is required.