Key person assurance is not a product. It is an application of insurance designed to maintain profitability and/or secure a company's continuity. Its aim is to provide the replacement costs of an individual whose loss from the company through death, disability or serious illness would have a significant impact on the company's profits, turnover or continuity through any, or a combination of, loss of :
- good will
- technical skills/knowledge
- client relationships
- financial arrangements
- expansion opportunities of specific business projects
- management skills.
Identifying key personnel
The considerations to make in identifying your key personnel will vary, depending on the size and nature of your business. The following flowchart may assist with this:
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