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Keyman Insurance

Should one or more key members of your staff become seriously ill or die, your business could be left vulnerable.

In the event of a key person leaving the business, business continuity and succession planning features such as key person insurance are designed to help the business survive the loss of profit or costs associated with hiring a replacement.


Keyman Insurance

What level of keyman insurance do I need?

Each business is unique, so there’s no set amount of cover that should be selected. However, there are a few methods you can use to try and calculate the amount of coverage you need.

You must determine the individual’s value to the business, and to do so, you must calculate the percentage of net or gross profit that the person is responsible for. When you have that figure, it’s usually a good idea to get quotes for at least 2x their gross profit or 5x their net profit.

This rule, however, does not necessarily apply to your business, which is why we always recommend seeking financial advice from an independent expert.

Expert advice from Prima Insurance Brokers

Keyman Insurance is a strategic safeguard that every forward-thinking company should consider. Our expert advice in the realm of Keyman Insurance equips businesses with the knowledge and insights needed to protect their most valuable assets – their key personnel.