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If this person’s exit from the company is planned, such as retirement or voluntary termination, then you can prepare for the loss and take the necessary precautions to minimise the impact.
However, if the departure is unplanned, then the company may be exposed to financial risks. Consider key person insurance to offset your risk. This insurance solution can provide essential funds to help mitigate the loss of a key person which in turn can be used to replace lost revenue. This may also assist with potential short term solvency problems while the key person is replaced and provide additional peace of mind to the lenders and investors in the company.
Who Needs Key Person Cover?
How Does It Work?
In addition to proper cover, create a business continuity plan that outlines how your business will function if you lose key employees.
To learn more about keyperson insurance, contact James Trimble at Willis Wealth Management at 028 9032 9042 or send me a note by filling in your details below.