Every organization has certain key individuals who form the backbone of the organization and whose presence is vital for the profitable running of the organization. In any company only a few individuals make the important decisions. The implementation of these decisions down the line makes or breaks the business. Thanks to their specialized knowledge, skills, vision and business acumen, these are the people who bring higher revenues, profits and loyalty. Skills of a person may not be replaceable, but the business can certainly compensate the financial loss by providing insurance to its key person – THE KEY MAN. The brand power of individuals can sometimes be bigger than that of their organizations. These are individuals who are the most indispensable human asset of an organization.
Thus, it is only natural that the sudden exit of such individuals (for whatever reasons) will not only cause financial distress but also a loss of goodwill – if not permanently, then at least temporarily – till such time that a suitable candidate of the same calibre is found, trained and acclimatized to the work culture of the organization.
Key-man insurance is a life insurance policy taken on the life of a key-man with a view to providing liquidity, financial strength and indemnity to the business organization in case of losses on account of death, absence or exit otherwise of its key-men from the business.
We will be able to arrange appropriate risk covers to ensure that the organization can recover the loss associated to the sudden departure of the Key man. Our technical experts will be able to provide you with the advantages of having a Key Men insurance.