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Personalised Strategies for Business and Personal Insurance
Located in Dunedin and Central Otago | All enquiries welcome

Insure Otago can help you understand why key person insurance is essential for business continuity

Every successful business relies on certain individuals whose knowledge, leadership, or specialised skills are vital to day-to-day operations. Whether it’s an experienced team member, a manager, or the business owner, these key people play an essential role in keeping things moving. By recognising who these individuals are and planning ahead, you can strengthen your business’ resilience and set it up to thrive—no matter what challenges arise.
Contact Insure Otago today to discuss key person insurance and protect your business' future.

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Ensure you have cover for the key people in your business with Key Person Insurance

  • Cover can be for one or more key people
  • Can be used for a range of needs to keep your business running
  • Claim payments can be lump sums or regular payments
Contact Insure Otago today to discuss strategies related to key person insurance

What is key person insurance?

Key Person Insurance provides cover if a key person in your business is sick, injured, passes away, or is unable to work for a specific reason. It can be paid as a regular amount, e.g. monthly, or as a lump sum, and the amount depends on how much cover your policy provides.
Often a business will insure its buildings and physical assets, and it's just as important to insure your key people. Key Person Insurance ensures you are well protected if one of your most important people is unable to work for a period of time. Policies run for various times up to two years.

Who is a "key person"?

A key person is anyone in your business who has a key role and is vital to keeping the business running. If they are unable to work, this could have a detrimental impact on the business' financial wellbeing or even mean the business is unable to function. 
In a small business, a key person could be the owner, manager, or someone who performs a specific or specialist role that is not easily replaced. A business can take out key person insurance on anyone they consider to be a key person (with some limitations).

What does it cover?

Key person insurance at the right level can provide financial support for a range of business needs, including: 
  • loss of revenue from what the key person would have generated
  • the cost of a replacement person (recruitment, training, etc)
  • business expenses and minimising the financial impact on the business
  • repayment of loans, loss of suppliers or customers, winding down a business in a timely, legal fashion (if required)

How Insure Otago can help...

Our insurance consultant knows all about Key Person Insurance. Insure Otago can help you identify the key people in your business, the type of key person insurance required, and what level of cover you need. 
To get the best insurance advice and find out the best options for your business, book an appointment: call us on 03 474 5855 or fill in any form on the website.
Personalised Solutions for Business and Personal Insurance
Located in Dunedin and Central Otago | All enquiries welcome