Why Your Business Needs Key Person Insurance

Growing a business means that important, essential staff need to be employed. But as much as they can help grow a business, if something happens to them, their absence can harm the business. Key person insurance is the perfect way of protecting your company against just this.

When working on sensitive projects that require a good deal of expertise it is only natural that you would want to get pivotal staff to either act as sales head, a director or a project manager. These staff can be highly valuable in bringing a lot of success to the company. However, if they were suddenly unable to work for an extended period of time or died, the business could suffer very big losses.

But luckily this type of insurance will pay out a lump sum that can help you either find a suitable replacement for the other employee, up-skill another employee to replace them or just tide over the company through the difficult patch.

All in all, there are many advantages to getting key person insurance. The peace of mind, safety and range of cover is essential for any business that wants to keep and maintain the highest possible levels of its experienced employees.

Choosing the correct broker to provide this for your business is just as important as having the insurance. It is important that your cover is personalised and suited to your specific business needs.

At Compendium we offer a highly flexible insurance policy for all your different insurance needs. Our goal is to provide specialised, innovative and affordable financial solutions that cater for all different types of insurance requirements. This includes individuals and businesses ranging from small enterprises to large corporations.

If you'd like to find out more about us, visit our webpage at www.cig.co.za, or contact one of our brokers on: 031 242 6800.