{"id":56,"date":"2020-01-23T08:07:00","date_gmt":"2020-01-23T08:07:00","guid":{"rendered":"https:\/\/wiswealth.co.uk\/blog\/?p=56"},"modified":"2020-01-23T09:08:48","modified_gmt":"2020-01-23T09:08:48","slug":"why-key-man-insurance","status":"publish","type":"post","link":"https:\/\/wiswealth.co.uk\/blog\/why-key-man-insurance\/","title":{"rendered":"Why Key Man Insurance?"},"content":{"rendered":"

Key Man Insurance<\/strong> can provide a cash injection to the business if a key man dies or suffers a serious illness, allowing the business to continue trading at a time of considerable uncertainty and financial pressure.<\/p>\n

Key Man Insurance is a life or disability policy taken and paid for by the company. The company is the beneficiary. In the event of a death or disability to a mentioned key employee, the company then has the funds to make appropriate business changes to stay in business. It can cover debts, payments to investors or day-to-day expenses for the business.<\/p>\n

Who needs Key Man Insurance?<\/strong><\/h3>\n

Any business, no matter the size, may have a need for Key Man Insurance if the financial success of the business significantly depends upon on one or two people. Small businesses should not overlook this coverage. Smaller businesses are usually more dependent on one or two key people for success.<\/p>\n

What are the benefits of Key Man Insurance?<\/strong><\/h3>\n

Fall in profits are protected
\n<\/strong>If the business is highly reliant on a key man for generating profits, then Key Man Insurance for income purposes may be appropriate. This can be used to protect the business against any loss in profits or increased costs that crop up as a result of losing the key man.<\/p>\n

Covering off enrolment costs
\n<\/strong>Key Man Insurance also may cover training a substitute to handle the essential tasks the key man was responsible for, finding new employees can be a time-consuming and costly exercise to do. No business wants to be spending in excess to replace their staff as this could have a negative impact on their bottom line.<\/p>\n

Less stress
\n<\/strong>Losing a key man can be an upsetting time, mainly when illness and death is the main reason. The pressure that this type of absenteeism can put on your employees and your business can be colossal, as employees attempt to pick up extra load. By making sure you have\u00a0key man insurance\u00a0for your company means that in a worst-case scenario your employees will be in a better position to manage.<\/p>\n

When should you consider keyman insurance?<\/strong><\/h3>\n

Key man insurance benefits the whole firm as it provides continuity. There are plenty of times to consider key man insurance.<\/p>\n

It is important when starting out as your firm may be reliant on a key group of talented individuals to help it grow, or more established firms may need employees with a particular skillset. Employees are the greatest asset a business has, losing an important person in a firm may not just hit profits but could also cause uncertainty and make others want to leave.<\/p>\n","protected":false},"excerpt":{"rendered":"

Key Man Insurance can provide a cash injection to the business if a key man dies or suffers<\/p>\n","protected":false},"author":2,"featured_media":62,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[10],"tags":[],"acf":[],"yoast_head":"\nWhy Key Man Insurance? - WIS Welath<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wiswealth.co.uk\/blog\/why-key-man-insurance\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Key Man Insurance? - WIS Welath\" \/>\n<meta property=\"og:description\" content=\"Key Man Insurance can provide a cash injection to the business if a key man dies or suffers\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wiswealth.co.uk\/blog\/why-key-man-insurance\/\" \/>\n<meta property=\"og:site_name\" content=\"WIS Welath\" \/>\n<meta property=\"article:published_time\" content=\"2020-01-23T08:07:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-01-23T09:08:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wiswealth.co.uk\/blog\/wp-content\/uploads\/2020\/01\/businessmen.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"780\" \/>\n\t<meta property=\"og:image:height\" content=\"520\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jonathan Jacob\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/wiswealth.co.uk\/blog\/#website\",\"url\":\"https:\/\/wiswealth.co.uk\/blog\/\",\"name\":\"WIS Welath\",\"description\":\"Just another WordPress site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/wiswealth.co.uk\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/wiswealth.co.uk\/blog\/why-key-man-insurance\/#primaryimage\",\"url\":\"https:\/\/wiswealth.co.uk\/blog\/wp-content\/uploads\/2020\/01\/businessmen.jpg\",\"contentUrl\":\"https:\/\/wiswealth.co.uk\/blog\/wp-content\/uploads\/2020\/01\/businessmen.jpg\",\"width\":780,\"height\":520},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/wiswealth.co.uk\/blog\/why-key-man-insurance\/#webpage\",\"url\":\"https:\/\/wiswealth.co.uk\/blog\/why-key-man-insurance\/\",\"name\":\"Why Key Man Insurance? 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