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Keyman Insurance

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Secure your self and your company's future by getting a Key Man Insurance, DoMyQuote can help.

Key person insurance, also known as key man insurance, is a vital form of business insurance. Key man insurance can be described as an insurance policy taken out by a business to compensate that business for financial losses that would arise from the death or extended incapacity of the member of the business specified on the policy. The policy’s term does not extend beyond the period of the key person’s effectiveness to the business. The goal is to compensate the business for losses and facilitate business continuity. Key person insurance does not indemnify the actual losses incurred but compensates with a fixed monetary sum as specified on the insurance policy.

 

Insurable Losses

Four categories of loss for which key person insurance can provide compensation:

  • Losses related to the extended period when a key person is unable to work, to provide temporary personnel and, if necessary to finance the recruitment and training of a replacement.
  • Insurance to protect profits. For example, offsetting lost income from lost sales, losses resulting from the delay or cancellation of any business project that the key person was involved in, loss of opportunity to expand, loss of specialised skills or knowledge.
  • Insurance to protect shareholders or partnership interests. Typically this is insurance to enable shareholdings or partnership interests to be purchased by existing shareholders or partners.
  • Insurance for anyone involved in guaranteeing business loans or banking facilities. The value of insurance coverage is arranged to equal the value of the guarantee.

Who can be a key person?

A key person can be anyone directly associated with the business whose loss can cause financial strain to the business. A good example could be person like the director of the company, a partner, a key sales person, key project manager, or someone with specific skills or knowledge which is especially valuable to the company.

 

 

Try DoMyQuote because we have:
 
Pre-qualified Network. DoMyQuote has brokers to provide speedy quotes throughout Australia.
Save Time. Your business needs are matched with qualified brokers who are interested in your requirements saving you valuable time.
Save Money. Our service is free to use.
 
DoMyQuote will find Keyman Insurance Brokers to provide quotes in Sydney   Melbourne   Brisbane   Adelaide   Perth   Canberra   Darwin   or   Hobart with professional advice on how to maximise benefits from your Keyman Insurance. Quotes are also available throughout all regional areas of NSW, Victoria, Queensland, South Australia, Western Australia, Tasmania, ACT and Northern Territory 
 
Disclaimer 
The information above is general in nature and does not take into account your particular insurance requirements, financial situation or investment needs. DoMyQuote is not qualified to provide this information, our mission is to forward your quote request to our network of brokers that DoMyQuote has and is continually pre-screening to provide you with the qualified brokers close to you that we believe will provide good advice, professional service and competitive prices from the most appropriate insurance companies in Australia to satisfy your requirements

There is no obligation to appoint any of the brokers that contact you 

 

1. Describe what you want with as many details as possible.

2. Complete your details and send.

3. Receive responses from suppliers and select the best saving you time and money.

 

We aim to build a reputation of satisfying buyer's needs, building a database of fully qualified suppliers with a history of good pricing, service and support who always meet the high quality requirements expected by buyers.

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EMAIL
info@domyquote.com.au