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Key man risks

As a company you insure your cars and your equipment against disaster like fire and flood, and include compensation for loss of profits as well as asset replacement.

Do you insure your company's cash flow against the loss of key members of staff?

Draw up a list of your key people who, very broadly, are those whose skills are such that no one else could easily or readily replace them should they die suddenly.

In most companies the directors are key people, as are the top salesmen, business drivers, and possibly certain technical staff.

Ask yourself what sort of damage their loss would entail. This can range from the catastrophic ( for example in the event of the death of an owner director this can result in the calling in of all debts, bank overdrafts etc and subsequent failure of the firm) to the difficult (such as the death of the top salesman may cause a new business shortfall and subsequent cash flow difficulties) to the merely expensively inconvenient (e.g. hiring a consultant locum at £500 a day for several months while a new person is recruited).

If you consider that you have a potential problem then you can insure against it using key person policies.

We can help conduct an audit for you and assess what sort of coverage you might need.

Doherty Pension & Investment Consultancy Ltd is authorised and regulated by the Financial Conduct Authority. Financial Services Register No: 186761 http://www.fca.org.uk/register.

Doherty Pension & Investment Consultancy Ltd Registered Address: 114-116 Royal Avenue, , , Belfast, BT1 1DL. Registered in England & Wales, No. NI 31915.

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