The loss of a key person to death or terminal illness is a traumatic event for any businesses on both a personal and a professional level. On a purely professional level, the loss of important skills, knowledge and relationships can have wide ranging consequences, disrupting the normal running of the business at a time when the remaining employees might be less able to compensate.
That disruption can lead to lost client confidence and ultimately loss of profits. Recovering from those issues can take some time, especially if it proves difficult to replace lost skills.
Protect your business
Keyman insurance cover pays out a lump sum in the event the key person it covers dies or is diagnosed with a specified critical illness. It’s designed to help protect against the loss of profits your business may suffer, which ultimately could be the difference between being able to continue to trade or not.
The financial support a keyman policy provides could help with recruitment costs, including paying for interim staff while you look to hire a permanent replacement, costs associated with training the new recruit – as well as business continuity in the form of financial support to cover lost revenue.
Why buy keyman cover from Stonebridge?
At Stonebridge, we have significant experience in arranging key man cover for businesses of all shapes and sizes. We can help you to make sure that if the worst should happen, you will have the protection in place that you need.
Our keyman cover will help:
- Support your business financially – for instance replacing lost income.
- Help you recover – covering the cost of recruitment and interim staff.
- Maintain customer and staff confidence – by avoiding undue disruption to the normal operation of the business.
- Meet the needs of your business – we will help make sure the cover is tailored to meet your needs and budget, and covers the right employees.