A key-person is a key employee or member who is vital to the operation of the business, and his/her death, disability or absence can prove disastrous for the company or organisation.
Some of these financial consequences are as follows:
- Loss of income from the person’s absence from the company
- Vulnerability to competitors taking business while the company is in upheaval
- Loss of credit due to reduced financial stability
- Business debts and expenses that need to be paid
- The need to hire someone new to take the key person’s place.
Purchasing key person insurance can help offset these problems. These benefits can help the business remain financially solvent while getting its affairs in order following the absence of the key person.
At Halo Advisors, we help you to explore varying Key Person Protection options and choose the most appropriate policy. We minimise your efforts and time required to search and decide the correct Key Person Protection policy.
While helping you find the right insurance provider, we also help you choose the correct key person for the policy.
If you have any questions or wish to know more, please feel free to contact Halo Advisers Limited who are insurance advisors based in Auckland on 0211835835 or email us on info@haloadvisers.co.nz.