Key person insurance is an important form of business insurance. There is no legal definition for 'key person insurance'. In general, it can be described as an insurance policy taken out by a business to protect that business for potential financial losses that could arise from the death or extended incapacity of an important member of the business specified on the policy.
Business Protection
Business protection is all about insuring for the unexpected. It's a way of protecting your business if something goes wrong.
One of the great risks of a business partnership is that one of the partners may die or suffer a specified critical illness, with his or her share of the business passing to their beneficiaries. The safety net is a pre-arranged scheme to ensure the surviving partners have enough funds to buy out the departed partner's interest in the business.
In the interests of financial security, business stability, and continuity - particularly for private limited companies where there may only be a small number of principal shareholders - it is important to provide a safety net following the loss of a shareholder
UK News
As the government outlines its spending plans, people with a range of incomes tell us where they think the money should go.
The chancellor calls it a "landmark decision" but critics say the government will regret the move.
The future for EVs will inevitably involve China. But where does that leave the UK and Europe markets – and what of the questions around national security?
Chancellor Rachel Reeves says all pensioners on less than £35,000 will now qualify for the payment.
Pensioners react to the government's decision to change the eligibility rules for winter fuel payments.