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Key Person Cover
In business, the loss of a key person can have a major impact on operations, revenue and profits. Key person insurance covers the life of key personnel (usually the owners and perhaps one or two critical employees). The policy is designed to cover the people who are crucial to the business – anyone whose absence has the potential to sink the company.
The purpose of this type of insurance is to help the business - and/or the key person’s family - survive the impact of the loss of someone who is essential to business operations. The payout can cover the loss of revenue that occurs when a key person leaves and can be used to keep the business afloat until a suitable replacement person can be found or the business can be sold. It can also be used to pay out the decease person’s share of the business, pay debts, or anything else that the business deems necessary.
If you’re a small business owner, Key Person Insurance can help your business survive if tragedy strikes you or any other vital people in your operations.
To find out more about how we can help you find a policy that fits your budget, and all of our business insurance options contact Australian Global Life Solutions today.