Key Person Insurance

Key Person Insurance

​Human Capital is an Overlooked Asset

While most business owners understand the need to protect against unforeseeable risks related to their capital assets such as fire and theft, the risk relating to another key asset – human capital, is often overlooked.

These risks involve the loss of key personnel due to death, disability or critical illness. Such events can threaten the viability of your business and the risks are far from remote.

Potential threats can include the following:

  • Your business performance may lag due to the absence of that individual
  • You could incur costs to temporarily or permanently replace this key staff member
  • Creditors may restrict or withdraw credit
  • Suppliers may tighten payment terms
  • Customers may reconsider using your business as a supplier of product or service
  • Other employees may be enticed to other career opportunities if there is confusion and uncertainty surrounding the event

Douglas Pinnell has helped many small business owners to put insurance plans in place to protect the firm’s partners and staff in the event of an illness or death. 

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