Key Man Insurance
Key man insurance, sometimes referred to as key person insurance, provides cover against business losses that may be incurred as a consequence of the prolonged absence or death of the business owner or a key member of staff.
Generally, the process of securing key man insurance requires the business to secure a corporate life insurance policy for its key employees, business partners or owners. This process is designed to provide a financial benefit to the employers, in the event of the death or prolonged absence of the key persons as outlined in the policy. These entitlements are generally intended to be used to meet the expenses of paying temporary staff or training replacement staff. Further, they may be called upon to cover other losses to “revenue” incurred by the absence of the contributions made by key persons.
Contact the team at Liberum Financial to discuss how a key man insurance policy may be tailored to suit your needs. Call us on 3233 6470.
The information provided is general in nature and does not take into account your particular investment objectives, financial situation or insurance needs; we therefore recommend you seek advice tailored to your individual circumstances before making any specific decisions.
Liberum Financial and its advisers are Authorised Representatives of Fortnum Private Wealth Pty Ltd ABN 54 139 889 535 AFSL 357306 Australia Credit Licence No 357306 trading as Fortnum Financial Advisers.