Keyperson insurance, also known as keyperson cover, is a life assurance policy taken out by a company on a key employee who may also be a shareholder or director. This is a type of insurance designed to safeguard the business from the detrimental financial impact that may arise from the sudden death or critical illness of an individual.
Keyperson cover in Cork can provide all the financial security and peace of mind needed to navigate unforeseen challenges.
Keyperson Cover in Cork: Peace of Mind for Your Business
When a keyperson passes away or suffers a serious illness, the company can face several immediate financial challenges, including:
● Repayment of company loans, especially if the keyperson had guaranteed them personally.
● Disruption in business operations, potentially leading to significant losses.
● Loss of essential business relationships that the keyperson maintained.
● Additional costs and resources are required to recruit and train a suitable replacement.
Keyperson insurance in Cork protects your business against the unexpected, and by incorporating keyperson cover, businesses in Cork can ensure they are well prepared to handle the unexpected, securing their future stability and growth.
Who Qualifies as a Keyperson?
If you are looking for keyperson insurance in Cork, a keyperson is an employee or director whose skills, knowledge, or connections are crucial to the ongoing success of the business. If their death or serious illness would have a severe financial impact on the business, this means they are considered a keyperson.
If you need to give your business added peace of mind, contact us. Our keyperson insurance in Cork will guarantee your business gets the protection it needs.
Shareholder Protection
Partnership Protection