Key Person / Business Insurance

Key Person / Business insurance is essentially life, total and permanent disability (TPD) &/or trauma insurance policies taken out by a business on the life of its key person.

The purpose of key person insurance is to cover a key person, such as a director within the business, in the event that they either:

  • depart the business; or
  • are unable to perform their duties due to an insurable event (death, disablement or a specified medical condition)

The business can use the insurance proceeds to replace lost revenue, repay debt, cover additional expense items or inject required capital into the business.

This ensures that the business is supported financially until a replacement is found or other staff are trained to fulfil a particular role. Hence, Key Person Insurance helps protect the financial stability of a business and reduce business risk.

Call us on (03) 9558 2800 today to find out more about how Key Person Insurance can protect your business!