Do you need key person protection cover?
If something were to happen to you, your business partner or an essential person in your company, would your business continue to thrive? Or would the impact be potentially devastating to the viability of your business? Protecting your business from unexpected events could be the difference between your company surviving or not.
What is key person protection cover?
Broadly, it’s financial protection should a key member of your business be unable to carry out their role for any reason. This may be due to long term illness or death. People are one of the most valuable assets you have and ensuring your business is prepared, no matter what the future holds, is the key to its longevity. Find out more about protection planning here.
Replacing an essential member of the team can be a costly activity. There will be agency fees, training and time out of the business for interviews – you may even need additional staff to cover the immediate shortfall. Not to mention the unique skills that person brought to their role that may be hard to re-create with someone else. This all has a significant financial impact on your business.
Do you have business loans that are guaranteed by either yourself or another Director? If that guarantor unexpectedly died the lender could potentially renegotiate the terms of the loan. Ultimately, they may ask you to repay the loan in full immediately. Does your company have the money to fund such a demand? Key person cover could help reduce the financial burden.
Protecting your employees
As a responsible employer, you are more than aware that your workforce relies on you financially. If you don’t have adequate financial protection for your business, you could be putting their future in jeopardy.
How can we help?
MRA Ltd can work with you to provide the right protection for your company so that you’re prepared if a key member of your organisation is unable to carry out their role due to critical illness or death.
Key Person Protection Cover can provide you with a lump sum payment to help your business with the financial impact. Giving you breathing space to find a suitable replacement enabling you meet your financial commitments, allowing your business to look forward to a brighter future.
Business Consultants based in East Sussex we service clients across the South East, Sussex and Kent, including smaller towns such as Ashford, Battle, Bexhill, Bodiam, Brighton & Hove, Cranbrook, Crowborough, Eastbourne, Hailsham, Hastings, Heathfield, Herstmonceux, Lewes, Mayfield, Newhaven, Rye, Seaford, Sevenoaks, Tenterden, Tonbridge and Tunbridge Wells.