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Keyman insurance:

What's the definition of a 'Key Person'

The main requirement is -

The company will have to show that it will suffer a financial loss if the prospective key person were to pass away or suffer from a critical illness

So start by asking these and similar type questions -

  • Is the person a senior manager or the CEO, Managing Director or executive Chairman etc
  • Are there any star salesmen whose contacts are invaluable
  • Was a particular director or executive expensive to employ and train
  • Is there anyone in the firm, perhaps in IT or Marketing, that the company relies on
Ultimately proving who a key person is not difficult and of course your insurance broker will offer good advice on the matter.
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