Key-Person Insurance
Protect your business financially if a key person becomes disabled, is diagnosed terminally ill or dies. Elan offers access to a wide range of these covers along with tailored, no nonsense advice around what your company needs.
“When a business loses its sole trader, a key employee, an owner or a business partner, the consequences can be dramatic…”
“…profits can fall, loans may have to be repaid at short notice or, at worst, the future viability of the business can come under threat.”
Key Person Insurance FAQ’s
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This can vary largely due to company structure, debt, industry, workforce and long term financial commitments your business may have. Even personal debt commitments can play a role.
Best to give us a call and talk to Richard Pykett. He is the expert on business protection and has helped companies for over 30 years get the cover they need, and nothing extra. He isn’t pushy and is happy to chat.
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We offer a wide range of covers designed to protect the business, its owners and key staff from health related events such as death, terminal illness or disability.
Cover types include:
Ownership Buyout Cover
Permanent Loss of Key Person
Loss of Revenue Cover
Debt Protection Cover
Key Person Resources
Key Person Insurance - Lump Sum Benefits
Ownership Buyout
This cover is designed to fund the buy-sell agreement commitments of the business for an employee/owner whose Long Term Disability, Total and Permanent Disability, Terminal Illness or Death would trigger the buy-sell agreement.
This insurance makes sure that the company ownership can be structured correctly in the event of a key person’s demise.
Loss of Key Person
This cover is designed to provide a capital injection into the business upon the Long Term Disability, Total and Permanent Disability, Terminal Illness or Death of a key employee or sole trader of the business.
Has your business got someone who is integral to the function of the company? If yes, this person should be insured.
Debt Protection
This cover is designed to fund business debt re-payment upon Long Term Disability, Total and Permanent Disability, Terminal Illness or Death of any employee, owner or sole trader, whose death, terminal illness or long term disability would trigger a requirement for the debt to be repaid.
Key Person Insurance - Monthly Benefits
Loss of Revenue
Any employee who makes a significant contribution to profits is likely to be a key person – for example a key salesperson or a technical expert, as well as company directors and executives.
Loss of Revenue Cover provides an agreed monthly revenue replacement benefit when a key employee or sole trader is disabled, either totally or partially.
This allows your business to meet it’s ongoing costs.
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“I felt like he genuinely cared and had my best interests at heart”
Kayla Craig
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“I could not reccommend these guys more - they made it easy & painless.”
Gina Brighouse
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“Easy to deal with, very professional & knowledgeable regarding insurance.”
Graeme Turner