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Key person assurance

Key person protection

Key Person Protection can help protect any business should one of its key people, someone creatively, technically, or strategically vital, were to die or fall critically ill.

In almost every business, there will be a number of key individuals whose skill, knowledge, experience or leadership contributes to the continued financial success of the business. Without those people, it is likely that the business would be severely affected. The other people running the business may face challenges, like trying to replace the key person and the costs associated with that, dealing with the implication of losing contacts, experiencing a fall in profits, and having to repay loans.

Who should consider key person protection?

With that in mind, it is worth considering Key Person Protection for any person who is central to the operation of the business. Whether that person provides expertise, contacts or other assets, their loss could be very damaging. In some cases, this could even lead to the business failing or being unable to trade. Examples of key people may include: Partners, Business Owners, Managing Directors, Chairman, Sales Manager and other individuals with specialist skills.

When calculating the appropriate amount of cover needed, a business can use the lump sum in a number of ways including: helping to pay off a loan or overdraft to lessen financial pressure; keeping the business turnover going whether this would directly impact on the profits; paying suppliers; helping to support the Key Person’s family in a time of need; the cost of hiring and employing someone else in the interim and finding a long term replacement.

Meet the team

We’re a friendly, independent and professional team of insurance brokers. Get in touch with one of the team, if you’ve got a question or interested in hearing more about our insurance offering.

View all our team profiles

Lee Coombs

Insurance Account Executive

Lee is an Account Executive in our insurance team and is based in Colchester.

Keri Lucas

Insurance Account Executive

Keri is based in our Ipswich office but travels the country to meet with charities and not-for-profit organisations.

Richard Atkinson

Insurance Account Executive

Richard is an Account Executive working from our Ipswich office.

April Rand

Insurance Account Executive

April is a Commercial Account Executive in our Colchester office, specialising in Personal Lines and Small Business Commercial areas of insurance broking.

Emma Emerson

Insurance Director

Emma is a Director in Insurance business based in the Colchester office, working within the commercial sector.

Natasha Root

Insurance Account Executive

Natasha heads up Private Client insurance in our Colchester office.

Daniel Bligh

Managing Director, Scrutton Bland Insurance Brokers Ltd

Dan is joint Managing Director of Scrutton Bland Insurance Brokers Ltd

Gary Stannard

Insurance Director

Gary is an insurance director specialising in commercial insurance policies.

Jason Harden

Insurance Account Executive

Jason is an insurance executive with knowledge of commercial and personal insurance covers.

David Taylor

Insurance Account Executive

David is a Commercial Insurance Executive, based in our Ipswich office.

Mark Wilby

Insurance Account Executive

Mark provides insurance broker advice to commercial clients.

Shirley Greer

Insurance Director

Shirley is an insurance specialist, working with charities and not for profit organisations.

Barry Davis

Insurance Account Executive

Barry is based in our Ipswich office but travels the country to meet with charities and not-for-profit organisations.

Tim Bell

Insurance Account Executive

Tim works within the insurance team, specialising in protection advice to businesses, business owners and individuals.

Edward Nottingham

Insurance Director

Ed is an insurance director, based at our Diss office.

Tim Mulley

Senior Partner

Tim specialises in insurance for private clients, businesses and charities.

How we can help

It is possible for the Key Person Protection policies to qualify as a business expense, providing that the policy follows the “Anderson Principles”; we would be happy to discuss this, and any other questions you may have relating to Key Person Protection with you.

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