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
Travellers to the UK will have to have a negative Covid test before departure, the government says.
A senior GP says the move would support the "national priority" to vaccinate people quickly.
Arthur Labinjo-Hughes' stepmother and his father were both jailed on Friday for his death.
The London force says it does not routinely investigate "retrospective breaches" of Covid regulations.
Hundreds of balloons are released in Liverpool city centre in memory of 12-year-old Ava White.