Our highly experienced team will work with you to provide a seamless, tailored service. Drawing on many years of experience, our team of experts can help you place appropriate cover for your specific requirements. We are able to source appropriate cover from the market, and assist with placement, underwriting and negotiations of complex cases.
Protecting your business from the loss of a key employee
Business success requires time, investment, and an exceptional team of people. Often, the talent and expertise of key individuals play an integral role in ensuring this success. If anything were to happen to a key person in your organisation, including death or disability, it’s important to know that such loss will be sufficiently covered to keep the doors open.
Lockton’s team of business protection specialists capitalise on years of experience and people risk expertise to help clients place appropriate cover for their specific requirements. Thanks to our long-standing partnerships with the global insurance marketplace, we can obtain immediate cover for key individuals in certain circumstances.
As the world’s largest privately-owned insurance broker, our clients gain direct access to alternative markets, including Lloyd’s. If the specific requirements of the cover cannot be placed in the traditional protections markets, we have the flexibility and leverage to source necessary cover.
Our services
Source tailored cover that specifically addresses your risk profile
Provide direct access to markets (conventional life insurance markets and Lloyd’s)
Discuss the feasibility of utilising Immediate Cover facility
Assist with placement, underwriting and negotiations of complex cases
Arrange cover from low cost: Life only, to comprehensive: Life and Critical Illness
Support M&A deals where securing the cover is imperative to the deal.
Would your business survive losing a key person?
A practical guide to business protection insurance
Our Business Protection & Key Person Contacts
Carolyn McVey
Senior Consultant
carolyn.mcvey@lockton.com
+44 1224 957 809
Antony Thompson
Technical Lead
antony.thompson@lockton.com
+44 7507 336 803
Get in touch
Our latest People Solutions insights
Business Protection Key Person Insurance FAQs
What is a key person?
A key person can be a business owner or partner but can also extend to include those with significant influence on an organisation’s success.
Who is classed as a key person?
Examples might include: Founder and/or driving force of the enterprise, Responsible for key contracts/relationships, Source of intellectual property or specialist skills, Innovative/creative leader, Significant sales/producer.
Who decides who a key person is?
The business is free to determine who is critical to the enterprise.
Why should I consider key person insurance?
Key person insurance helps reduce the financial impact of recruitment, providing interim cover whilst rebuilding specialist knowledge potentially lost.
This protection allows businesses to continue trading, protecting short-term cash flow while business stabilises. It can also protect against corporate debt, the ability to make loan repayments to secure the future of the business, or protecting investment of newly acquired entities.
Why Lockton?
Our specialists have extensive experience of working with clients to help them determine the optimum levels of cover for their business and importantly, the levels of cover that will be supported by the financial underwriters. The team has access to both the conventional life insurance markets and Lloyds so that we can provide the widest opportunities for cover for our clients including the placement of unusual and high risks.
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We bring creative thinking and an entrepreneurial spirit to the insurance business and are uniquely positioned to help you succeed.
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