Are the key people in your business covered?
28 Oct 2020
If your business relies on a particular individual for its success - this might be a partner with extraordinary talents or someone who has key relationships with customers - what do you do if something happens to them?
Liberty's Lifestyle Protector benefits cover your rainmakers and the unique contributions they bring to your operations through its Key-Person cover.
This policy would be owned by the business and provides cover against death and temporary or permanent disability of these key people and would compensate the business for the loss of income while the company seeks out new talent to fill their shoes.
People are and always will be one of the most important assets a business can have. They are the ones whose knowledge, creativity, inspiration, skillset and reputation are vital to the continued growth of the business.
The loss of vital individuals could severely hinder or even cripple a growing business. For this reason, it’s imperative to assess how the death or disability of one of these key people could impact the overall profitability of your business.
"Most business owners don’t go at it all alone. Many have talented business partners who they rely on for daily operational input and maintaining those crucial client relationships in their own unique way. It could be that one key account holder, or an engineer who they can't do without," says Kresantha Pillay, Lead Specialist for Lifestyle Protector at Liberty.
To help overcome a potential loss, it would be prudent to identify these people. Then with the help of a Financial Adviser assess the financial impact the loss of such a key person would have on the business's profitability.
Having done this, Liberty's tailored cover would be able to protect the business against a key-person loss.
"Successful businesses are all about people, keeping both them and you covered against an unfortunate risk event together could help lay the foundation for a secure and prosperous future," Pillay says.