Printing company
Our client had just secured a strategic partnership and was moving into a new phase of their business cycle. They needed to protect key staff members to ensure they were financially secure should one of them suffer a critical illness or pass away.
Client: Printing company
Location: Essex
Service: Key person cover
Description
We recently worked with a company in the print industry, which has been trading in Essex for 12 years. The company relies heavily on three key members of staff: Tim, the Managing Director, Jess, the Director of Operations, and Mike, the Business Development Manager. Recently, the company took a big leap in sales due to a strategic partnership with a chain of hotels. To ensure the continuity of their business, the company recognized the need to protect their three key people with key person cover via life and critical illness insurance.
Key Challenges
The main challenge was to find a suitable insurance policy that provided adequate coverage for all three key people, considering their different ages, roles, and health conditions. The company wanted a suite of policies that would provide sufficient coverage to protect the business in case of the loss of any of the key people. Additionally, the insurance broker had to ensure that the policy was tailored to suit the unique needs of the print industry given that some of the key people worked with machinery.
Outcome
By working with the individuals and understanding their medical history, we were able to provide advice and ultimately cover, that would protect the company should the worst happen. The policies provided a lump sum payment to the company in case of the death or critical illness of any of the key people, which would enable them to cover the costs of finding a replacement or continuing with the business.
The successful outcome ensured that the company was well protected against the risks associated with the loss of their key people, providing peace of mind to both the business owner. The insurance broker’s expertise and tailored approach enabled the company to secure a policy that was both affordable and provided the necessary coverage to protect the business. This case study highlights the importance of key person cover for any business that relies on key people and the value of working with an experienced insurance broker to find the right policy.