What is Key Person Insurance?

There is no better feeling than when your business is going well. Orders are coming in and more importantly cash is coming in to meet all those horrible bills and provide you with a profit and in turn a nice life style. Nobody wants to think about bad times but sometimes it pays to think about them a little and prepare for any eventuality. There are so many companies here in Wolverhampton and the rest of the West Midlands that have no contingency plan to deal with the death or critical illness of a key worker or shareholder. It is a sad fact that these businesses will quickly fail if the key person isn't doing their job. This is where Key Person insurance comes in to its own. It is also sometimes called key worker insurance or key man insurance. This insurance could provide a cash injection to cover the employment and training of a new individual to fill the gap and money to tide the business over while the gap is plugged and business returns to normal. You could buy an off the peg insurance from one of those big insurance companies, but it is likely that only a part of the problem could be solved or their could be a range of taxes that have to be paid ion any insurance money gained. Company law in this area is complex. What you need is a professional company specialising in this area of insurance with a lot of experience over a number of years. I recommend that you take a look at Corporate Consultants  as they specialise in Key Man insurance Wolverhampton. They have 26 years experience in providing back up contingency plans for key workers and key shareholder. If you don't prepare yourself the consequences could be devastating. Phone Jack Morris on 01902 744328  for a free Key Person insurance Wolverhampton consultation and evaluation of your business situation.