Key Person Insurance

You insure your business property against loss and damage but it’s more likely that an employee will suffer a heart attack or cancer before they reach retirement age.

95%

of UK companies employ fewer than ten people

53%

of businesses would fold in less than a year if one of their key workers died or suffered a serious illness

32%

of business owners haven’t considered taking out Key Person Insurance

How Key Person Insurance benefits your business

If you were to lose a key member of staff through illness, injury or death, the impact for your business could be huge and very disruptive.

It may mean not only a fall in sales and/or productivity, but also a drop in staff, shareholder and customer confidence in your business. And if that happens, less profit and potential closure become very real risks.

With Key Person Insurance your company will receive an agreed cash settlement to help protect your business.

The value of Key Person Insurance

There are different levels of cover available, including policies that pay a key person’s income if they were to fall ill, death in service and/or critical illness. By working with Shire Health & Wellbeing we can find you the right policy to suit you and your business. 

With Key Person Insurance, you can:

  • Cover the recruitment and training costs of replacing staff
  • Pay ongoing expenses whilst sales recover
  • Repay any loans taken out by the key person
  • Pay for external consultants and expert advice
  • Boost staff and customer confidence

Key questions

The level of cover you choose will determine how much you pay. When deciding how much cover you need, here’s what to ask yourself:

  • What would it cost to bring in a suitable replacement?
  • How quickly could your business recover from the loss of an essential key staff member?
  • What impact could the loss have on your prospective or existing clients and customers?
  • How much could your profits be affected if you lost a key person?

Our trusted partners

Why Shire Health & Wellbeing?

We are experienced health insurance specialists dedicated to giving you fair and honest advice. Working with the UK’s leading health insurance providers, we’ll give you the information you need to find the right cover.

Want to speak directly with a member of the Shire Health team?

Give us a call today, we are ready to discuss your requirements.

Discover our range of services

At Shire Health & Wellbeing, we offer a range of healthcare cover for your employees. We promise to give you impartial, honest advice and help you find employee benefits to suit your business.

Health Insurance

We make finding, comparing and buying health insurance simple. Our team of specialist advisors take care of everything. We ditch the jargon and focus on helping you select the best policy. Choose from:

Wellbeing

Your employees need to stay mentally healthy as well as physically. A happy workforce is more likely to deliver quality results, which is where employee wellbeing packages can help. From fast GP access to Employee Assistance Programmes, there’s something to suit your business, people and budget.

Employee Perks

One way to make your team feel more valued is with an Employee Perks package. Employees take control of their mental, physical and financial wellbeing, and get discounts on day-to-day spending. Because those little extras can make a big difference.