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What is key person insurance?

Key person insurance is essentially a life insurance policy held on a key person within a company or organisation. In a small business, this is usually the founders or owner, but can include anyone who plays a critical role in the business and whose absence could challenge its sustainability.

The insurance is taken out on a person within the company. The company pays the premiums and is the beneficiary of the policy. If that person dies or falls critically ill, the company receives an insurance payout to help deal with the financial fallout.

The benefit can be used to address risks such as loss of profits, the need to recruit a replacement, pay off debts, distribute money to investors, and in more severe cases, pay severance to employees and avoid bankruptcy.

What is a Buy/Sell agreement?

A Buy/Sell agreement is a formal, documented agreement between business partners that clearly articulates what will happen if an owner leaves the business. Such circumstances could be, but not limited to, death, illness or becoming disabled. A Buy/Sell agreement protects the interests of all the owners by clarifying the exact circumstances when a partner’s share will be bought out, the agreed valuation method, and the buy-out process. While an agreement needs to be formalised, so too does adequate personal insurances to ensure the protection of all partner’s interests.

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