Keyman Insurance comes in many forms. Anyone from a director to a sole trader should be looking at their business risks. It may be a case where the company does not fully understand the risks involved with not having the cover. If you would like to see more about the various types of cover then click here to go to an excellent key person insurance source that explains in detail the various policies.
The UK Government is pushing for more lending to small and medium size businesses and are also pushing start up companies and are trying to make it more easier to start a business with business loans and other options of finance. However, all of this is promising for small to medium businesses but they all require Keyman insurance. The Government and the banks acknowledge the importance of the cover and most lenders make it a condition of the loan to take out a suitable key person insurance policy.
It protects the lender against losing there money due to the key person dying or not being able to work. If they can sufficiently cover this risk; then they are more likely to lend and therefore help the over all market conditions. If you think you may need key man insurance, the likely hood is you do. We strongly recommend you contact an independent Key Person Insurance specialist who would be able to guide you through the maze that is business insurance and find you the most suitable product at the best price. To ensure you obtain the best price, you should make sure the adviser you are using is whole of market and isn’t tied to any particular provider.