We understand that businesses within the mining, civil engineering and transport sectors engage personnel with specialist skills and credentials that may not be easily replaced.
The loss or prolonged absence of a key person within a business can have devastating impacts upon business continuity, revenue and profits as well as general day to day management.
Key Man Insurance provides cover against losses that may arise due to the loss or long term absence of a business owner or key member of staff. Key Man Insurance can be used by large organisations, where profitability can be affected by the loss of a key person, or small business partnerships, to protect each of the partners.
Key Man insurance benefits can compensate for:
- Reduction in sales prospects
- Reduced profitability
- Operational and day to day management needs
- Business revenue
- Costs for finding a replacement person
- Protection for business partners.