Keyperson insurance, otherwise known as key man insurance, is basically an essential form of business insurance covering the activities of the main insured individual or the company as a whole. However, there is no strict legal definition of key person insurance.
Key person insurance may have a number of different forms, such as a key person policy, a group insurance policy and business cover. These cover your staff, which would include your accountants, solicitors, photographers, architects, accountants, secretaries, sales people, etc.
Key person policies are particularly helpful for those businesses where there may be a large amount of turnover, or where you will be paying out quite often to replace staff on a regular basis. There are different types of key man policies available, and you can choose from those that pay out a fixed sum of money per annum, or you could choose one that pays out a variable sum.
As there are different types of key man insurance policies, you need to be aware that some policies are more suitable than others. If you are looking for an easy and inexpensive way to cover your employees, you should think about key man insurance; you can find many types of this type of insurance online and in the local yellow pages.
Many key person policies offer the benefit of having a limited time period during which claims cannot be made. This could be useful if you are starting out in the business or you have just gone through a difficult financial period and have had to make many claims in the past. Get more facts about insurance at https://en.wikipedia.org/wiki/Travel_insurance
Another reason that key man insurance policies are so popular is because they are so easy to arrange and obtain. The company offering you the policy will have to provide you with an application form which must be signed by the insured individual or the key man as soon as it has been received. Once you have accepted the claim form, the insurance company will then process it and will pay the amount of money as agreed.
It's important to remember that the terms and conditions of these insurance companies at this link are set down in law and that if you do not pay them off in full after the agreed date of the policy, you could have your policy cancelled. Therefore, it's worth taking the necessary steps to ensure that you're aware of any restrictions that may apply to you.
One of the best places to search for key person insurance is online. You can also ask friends and family members for advice, but there is also a number of specialist insurance companies that specialise in providing this type of insurance.
Key man insurance is not only useful for large businesses, but they can be helpful for small businesses, too. The policy can help to protect your business if you have an accountant who works on commission. This can save you from any expensive litigation costs if you are sued, and can also reduce the risk of legal costs if an accountant leaves your company.
