At Verdure Financial Planning Solutions we pride ourselves on providing expert insurance advice not just to individual clients and their families but also to our clients’ businesses. As part of our article serious on business succession insurances, we would like to take this opportunity to inform you of an exciting new product offered on the insurance market, namely Key Person Replacement cover.
Key Person Replacement cover is a business expense insurance designed to cover the cost of hiring a replacement employee while a business owner is unable to work due to illness or injury. It is designed specifically for business owners who are key personnel in their organisation. If the owner is unable to work due to illness or injury, then Key Person Replacement cover can provide a short term solution to cover up to 75% the cost of a replacement for up to 12 months. This ensures the business continues to operate and meet client and service delivery demands whilst the owner is unable to work.
This solution is specifically designed for small to medium sized businesses, where a sole director or a partnership of key owners is responsible for much of the business income. The insurance will help mitigate interruptions in workflow and minimize impact on the business’ cash flow by helping to cover the cost of a replacement.
You have worked hard to establish your business, but have you considered what would happen to it if you were unable to work due to illness or injury? Are your employees, their families and lifestyle (such as their mortgages) dependent on you? Are you concerned that your business may not survive as a viable going concern if you or any of your business partners were unable to work due to illness or injury? If so, then we urge you to contact Katriel Warlow-Shill and the team at Verdure Financial Planning Solutions to discuss your options for tailor made insurance solutions to suit your family and your business.
Please do not hesitate to contact our friendly office staff if you have any questions that we may assist you with. If any of your personal circumstances have changed, such as a change in income or growth in your family, then please let us know to ensure your details are up to date and your insurances adequately cover your needs.