A business runs on its human capital and its most important people are its key employees and the business owners.
A business key-person could be anyone whose absence would affect the profitability of the business; eg: if they were to die or become disabled and unable to continue to work.
Some typical examples of key people could be:
- Director, Managing Director or CEO
- Partner in a partnership
- An employee with a particular skill or technical expertise
- Senior sales manager
Insurance to cover the absence of a key person can help in keeping the business running (by replacing lost revenue, repaying debts and/or finding a replacement).
All of these people can qualify for personal insurances even if they may have a particular health condition that would make the outcome of a traditional insurance application more uncertain.