Key person insurance is quite different to succession planning insurance. The main difference is that it protects the business, in contrast to succession planning which protects the owners. It provides the business with funds, in the event that one of its key people suffers a tragedy such as death, disablement or trauma.

However, the ultimate objective of both types of business insurance is to ensure the business remains healthy and viable.

The greatest asset of most businesses is its people. People provide the ideas, drive, initiative and skills, which ensure the business remains successful and profitable.

The sudden loss of one of these people can have an adverse effect on sales and profits until a suitable replacement can be found.

Key person insurance provides appropriate funding to assist with recruiting costs and the provision of specialist training.

The business is able to continue operating with minimal disruption, and therefore little or no loss of revenue and/or profit.

To find out how DBT can help protect you, contact us today.