This type of Business Insurance offers financial compensation to a business if an important employee is unable to work due to death, disability or illness. An important employee is most often classified as the owner, founder, CEO or any other person who plays a key role in the maintenance of cash flow. It pays out a lump sum to the business to minimise the financial loss the business might experience if this employee cannot work.
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If an important employee is unable to work, the business can make a claim to its insurance company, who upon approval will pay out a lump sum to the business. The amount of cover purchased is up to the business to decide and should be based on the company’s needs if an important employee were unable to continue work. This covers the business from any financial losses incurred.
The business can then use the amount paid out to find a replacement employee, or in the event the business cannot cope financially without this person it can be used to pay off any debts, pay severance packages and close the business down appropriately.
If your business would suffer without the presence of one or a few key people, Key Person Insurance is a vital part of your Business Insurance needs. Compare quotes online with Hippo.co.za to find the right fit for your business and budget, and protect your business today.
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Key Person Insurance ensures business continuity when the unexpected happens.
It protects your business if a critical team member (like the owner or CEO) dies or becomes disabled. The policy pays a lump sum to help the company cover operational disruptions or transition costs.
This can include founders, senior executives, business owners, or any team member with specialist knowledge, client relationships, or leadership responsibilities that are hard to replace.
The funds can be used to hire and train a replacement, maintain business operations, settle debts, or close the business if needed. The amount depends on the financial impact of the key person’s absence.
Compare policies designed to protect your business from unexpected personnel loss.
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Compare Business Insurance and find a plan that meets your needs. Whether you want comprehensive cover or more focused shuttle business liability coverage, looking at multiple options online helps you make an informed decision.
