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Protect Your Business with Keyman Insurance

Would your business survive if a key employee were to suddenly pass away, or take a long term absence due to a serious illness?

Frequently Asked Questions

Excellent

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433 reviews

Cover for directors and employees
Can include Critical Illness cover
Tax free lump sum paid into your business
Can help to cover loss of profits, recruitment costs and more

Keyman Protection - Timeline

Here's how a Keyman Protection plan commonly works in the timeline of a company doing business.

  • Keyman Joins

    Keyman works for company. Company grows and expands, riding on the skills of the keyman.

  • Keyman Incapacitated

    Keyman dies or becomes totally and permanently disabled.

  • Performance Plunges

    Company plunges into difficulties, sales drop, profits decrease.

  • Keyman Protection Activated
    Keyman Protection plan kicks in and the company is financially protected.
  • Find Replacement

    Search for replacement and training of replacement.

  • Return to Normality

    Operations of the company return to normal.

Cost Efficient

Start your cover straight away from just £20pm

Age 30
benefit amount
£750,000
term
20 Years
cost
£20 pm
Age 40
benefit amount
£750,000
term
20 Years
cost
£46 pm
Age 50
benefit amount
£750,000
term
20 Years
cost
£110 pm

How It Works

Complete Online Enquiry

Tell us about you and your business with our quick and easy online form.

Receive Quote

Our adviser will provide you with a quote from a panel of top providers in the UK.

Support

We will guide your case through the underwriting process.

Protected

Peace of mind to know that you are protected.

Get Quote

Frequently Asked Questions

Need answers? We got 'em.

Keyman Insurance is payable on death or an earlier diagnosis of a Terminal illness (12 months or less to live). There is an option to include an amount payable on diagnosis of a serious illness such as cancer, heart attack or stroke etc.

Keyman insurance is to protect the company financially and not the employee. The company would take out a policy on the life of an employee. The plan would be owned by the company and the premiums will be paid for by the company. In the event of a claim a lump sum would get paid into the business.

Your business may need Keyman insurance if it would suffer financially if one of your key employees were to pass away or get diagnosed with a serious illness. Many businesses take out Keyman insurance to secure a business loan, to cover costs such as recruitment and training fees or to cover loss of profits.

A key person is someone whose death, critical illness, or disability would have a serious effect on the future profits of the company. In most businesses, there will be at least one person thought of as 'key' and should be covered by a suitable Keyman insurance policy. This could be someone who has a financial stake in the business or someone who plays a fundamental role in its success. You can often determine who is a key person by asking:

  • Are there any loans or overdrafts that depend on a key person? 

  • Would sales reduce?

  • Would an employee's absence affect business expansion plans or ongoing projects?

  • Would there be an impact of the daily administration or management in the business?

There's no set rule for working out how much cover you need. It depends primarily on the size of your business, how niche the expertise of the key person is, and the amount of turnover for which they are responsible. However there are two simple steps which should help you figure out an appropriate amount of cover that you may need: 

  1. Identify the individuals you want to insure. 

  2. Try and work out their specific value to your business, by identifying the portion of the net or gross profits for which they are directly responsible. 

Most insurers suggest insuring the person for twice the amount of gross profit they bring in or five times the net profit, but this can vary depending on your business circumstances and future plans.

Excellent Service

Don't just take our word for it. Read our latest reviews.

Jon Wilson
Rated 5.00 stars out of 5

Easy to deal with, efficient

Raj
Rated 5.00 stars out of 5

Jodie helped to refinance an existing bridge loan with a BTL company mortgage. Exceptional service and helped to address the refinancing under time constraints. Could not recommend more highly. Will definitely go to her for my future mortgage requirements.

M Walji
Rated 5.00 stars out of 5

Very professional and honest. This is a rare example of a genuine service from a highly experienced and efficient organization led by Iian Humber Excellent and simply the best.

Michael Yianni
Rated 5.00 stars out of 5

As always a 5 star plus service. Efficient, organised, proactive and thoroughly professional in every aspect. Cannot ask for any more

Rated 4.90 out of 5 based on 433 reviews

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

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