A Key person in the company is someone who has contacts, skills and expertise that are vital to the continuing success of the company. Keyperson Insurance aids companies who have lost a key employee to death or illness by providing financial compensation to cover the loss. This can be helpful in the event that:
-Bank loans for the company guaranteed by the key person are called in.
-Loans made by the key person to the business need to be repaid.
-Suppliers and/or banks withdraw funds or credit because of worry that the business will lose profitability.
Declan Holohan T/A Complete Solutions is regulated by The Central Bank of Ireland