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Key Person Cover
Protecting the interests of your business
Every business with two or more owners should consider what might happen to the business if one of the owner dies, become totally and permanently disabled, of suffers a terminal or traumatic illness.
A business generally depends on a few people to produce the profits, provide a capital or manage the business. if there is no viable succession plan, there may be significant financial hardship for the surviving business owners, as well as for the surviving family members.
The core business insurance concepts are;
- Buy-sell insurance (asset or equity)
- Debt reduction or guarantor protection insurance (liability) and
- Key person insurance (liability)