Key person insurance is an important form of business insurance. There is no legal definition for 'key person insurance'. In general, it can be described as an insurance policy taken out by a business to protect that business for potential financial losses that could arise from the death or extended incapacity of an important member of the business specified on the policy.
Business Protection
Business protection is all about insuring for the unexpected. It's a way of protecting your business if something goes wrong.
One of the great risks of a business partnership is that one of the partners may die or suffer a specified critical illness, with his or her share of the business passing to their beneficiaries. The safety net is a pre-arranged scheme to ensure the surviving partners have enough funds to buy out the departed partner's interest in the business.
In the interests of financial security, business stability, and continuity - particularly for private limited companies where there may only be a small number of principal shareholders - it is important to provide a safety net following the loss of a shareholder
UK News
Young adults are drinking less, so the likes of Nick Mackenzie are having to expand the appeal of pubs.
A list of nearly 500 employers fined more than £10m for failing to pay the minimum wage is released.
The project would have given the UK a strategic foothold in the rare earths industry.
Varun Yadav lost his entire life savings after he was a victim of romance fraud on a dating app.
The chancellor is planning moves to help households with the cost of living in the Budget.