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.
A Relevant Life Plan is a death-in-service benefit taken out by a company on behalf of an employee.
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
The deal paves the way for more common ground with the EU, but only dismantles a fraction of the trade barriers erected post-Brexit.
The EU-UK trade deal has been praised as a "leap foward" and "genuine progress" by some of the UK's major business groups.
The deal covers defence, trade, fishing, and a possible youth scheme, in the first big reset since Brexit.
It said new buyers Regeneron had committed to protect user data as part of the deal.
The High Street chain is trialling moving its self-serve goods to crack down on shoplifting.