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
The government warns Kemi Badenoch's plans would "only accelerate the worsening climate crisis".
Metal Gear has returned but Hideo Kojima is not at the helm after splitting with publisher Konami in 2015.
Costa's owner Coca-Cola is reportedly looking to sell the chain as its popularity cools off. So has something gone wrong?
A think tank says a new bank tax could raise £8bn a year, a suggestion that sent bank shares tumbling.
Carmaker asks judge to overturn $243m verdict in fatal Autopilot crash case.