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 fatal stabbing of Tory MP Sir David Amess has a potential link to Islamist extremism, say detectives.
Boris Johnson has led tributes from the political world for Sir David Amess.
Kim Leadbeater was elected as MP for her murdered sister's constituency in a by-election in July.
Wiltshire Police is investigating the death, the Ministry of Defence says.
Paige Thomas lost her baby to pre-eclampsia and wants tests rolled out for all women.