Experienced
With over five decades of experience in helping our clients save for the future, we have a thorough understanding of the market and the importance of your money.
Independent
Professional investment advice can only have your best interests at heart when it’s truly independent. At KGJ, our only focus and loyalty is to you, the client.
Family Run
As a proud and long-established family firm, we understand how vital planning for the future and ‘saving for a rainy day’ is to the financial wellbeing of our clients.
What is Key Person Insurance?
Key person insurance, sometimes known as key man insurance, is a type of commercial life insurance that provides coverage for the loss of a key person in a business. Key person insurance policies typically cover the financial impact of the death or incapacity of a key employee, such as a founder, CEO or other essential team member.
The purpose of key person insurance is to help protect a business from the financial impact of losing a vital employee. If a key employee were to die or become incapacitated, the business could face significant financial losses, such as lost revenue, increased expenses or the cost of finding and training a replacement. Key person insurance, therefore, provides a lump sum payment to the business in the event of the death or incapacity of the key employee, helping to mitigate the financial impact and providing funds to cover expenses and maintain operations.
Key person insurance can provide peace of mind and financial protection for businesses that rely on key employees, helping to mitigate the costs of unexpected events and providing reassurance that they are covered in the event of their loss. It is especially important for small- and medium-sized businesses, where the loss of a key employee can have a significant impact on operations and the bottom line.
Why Choose KGJ for Key Person Insurance?
Preparing for the unexpected, particularly when it involves the potential loss of a vital part of a team, is never a particularly pleasant thing to do. Many businesses start as small entrepreneurial ventures that expand and grow over time and rely heavily on their founders and directors to guide the company and keep it ahead of the competition. This means losing a key, high-level team member can have a significant, maybe even devastating effect on the operations of the business. Key person insurance provides the funds needed to help the business recover.
KGJ fully understands the importance of protecting a business against the loss of a key person. We work with many businesses that turned to KGJ to provide competently advised solutions to their key person insurance needs. By working closely with each business, we work hard to find a bespoke key person policy for each client. As a proudly independent insurance broker, we have the experience to steer you away from off-the-shelf solutions that are often filled with exceptions and exclusions and instead will use our hard-won industry contacts to create a key person insurance policy that is robust and fit for purpose.
Ready for a chat? Get in touch to speak to the experts about your key person insurance needs.
Related Services
Commercial
For over 50 years, KGJ has been providing businesses of all sizes with independent, unbiased and affordable commercial insurance solutions. With access to a wide variety of insurance products, KGJ will find the right policy to meet your needs.
Savings
Saving for the future can bring a great sense of stability and peace of mind to your financial security. Ensuring you obtain honest, professional and tailored advice when investing your money is an essential process that the experts at KGJ will provide.
Personal Insurance
KGJ provides individuals with personal insurance across a wide range of services. With a collective 100 years of experience across our dedicated personal insurance department, whatever cover you need, we will be by your side throughout.
Pensions
Timely pension planning is fundamental to a happy and fulfilling retirement. Choosing the right pension scheme from the bewildering number available is vital for your financial wellbeing – and KGJ is here to ensure you secure the right scheme for your specific needs.
Mortgages
Taking out a mortgage is probably one of the most significant financial decisions most of us will ever make. Ensuring you get the right mortgage is essential for your sense of financial well-being and peace of mind – and KGJ is here to help.