Insure your business: people, life and health

If your business relies heavily on one or two members of staff, there can be serious consequences for the business if they become ill or die. Small businesses in particular often depend on a key person for generating sales, managing a vital client or providing specific expertise.

You can take out a policy, often called key person insurance, that makes a payout to the business should that person die or, with critical illness insurance, be diagnosed with a serious disease. The amount of money paid out is usually set in advance at a level estimated to be the potential financial loss to the business.

Talk to an independent financial adviser (IFA) to find out whether key person insurance is appropriate for your business - find an IFA.