Key Person Protection Insurance
Key person protection insurance helps protect your business if a key individual is unable to work due to illness, injury, or death. It provides financial support to help your business manage disruption and maintain stability during a critical time.
Protect the People Your Business Depends On
Every business relies on certain individuals whose skills, knowledge, or leadership are critical to its success. If one of these key people is unable to work, it can have a significant impact on operations, revenue, and overall stability.
Key person protection is designed to reduce that risk by providing financial support while your business adjusts, replaces, or recovers from the loss of that individual.
What is Key Person Protection?
Key person protection, sometimes referred to as business disability insurance, provides financial support if a key employee or business owner is unable to work for an extended period. This could be due to illness, injury, or death.
The cover can be structured to provide either a lump sum payment or ongoing monthly support, helping your business manage financial commitments and operational costs during that time.
Who is Considered a Key Person?
A key person is someone who plays a significant role in the success and operation of your business. This could include owners, directors, managers, or employees with specialised skills or knowledge.
If your business would face financial loss or disruption without them, they are likely considered a key person and should be protected accordingly.
What Does Key Person Protection Cover?
Key person protection provides financial support to help your business manage the impact of losing a key individual. This can include covering lost revenue, funding recruitment or training, and maintaining business operations.
Depending on the structure of the policy, the payment can also be used to meet financial obligations such as loans, investor commitments, or other business expenses.
Why Key Person Protection Matters
Without the right protection in place, the loss of a key person can place significant financial strain on your business. It can affect cash flow, productivity, and your ability to continue operating as usual.
Having key person protection in place gives your business time to adjust, make decisions, and maintain stability during what can be a challenging period.
Why Choose Halo Advisers
At Halo Advisers, we take the time to understand how your business operates and who your key people are. We compare options from trusted New Zealand insurers and recommend cover that is tailored to your business needs.
Our approach is focused on providing clear advice and practical solutions, so you can protect your business with confidence and avoid unnecessary complexity.
How We Help You
Understand Your Business
We take the time to understand how your business operates, your key people, and the risks that could impact your ability to continue trading.
Tailored Recommendations
We provide clear and relevant insurance options, explaining each one so you understand how it protects your business and supports your goals.
Seamless Implementation
We manage the entire setup process on your behalf, from applications to working with insurers, ensuring everything is correctly put in place.
Ongoing Support
We provide continuous assistance as your circumstances change and guide you through the claims process to ensure everything runs smoothly.
Frequently Asked Questions
What is key person protection insurance?
Disability insurance provides financial support if you are unable to work due to illness or injury. It helps replace lost income and ensures you can continue meeting your financial commitments during that time.
Who should be covered as a key person?
Anyone whose role is critical to the success of your business, including owners, directors, or specialised employees.
What can the payout be used for?
The payout can be used to cover lost revenue, recruit or train a replacement, pay debts, or manage ongoing business expenses.
Is key person protection only for large businesses?
No. It is often even more important for small businesses where operations rely heavily on a few key individuals.
Will I be supported if I need to make a claim?
Yes. We guide you through the claims process and work with insurers to ensure everything is handled as smoothly as possible.