Key Person Insurance

Key Person Insurance

Who’s the life and soul of your business? If you can name them, you probably need Key Person Insurance

Most organisations employ at least one person who is critical to the future success of the enterprise - be it the original founder, a rainmaker, shareholder or some other “Key Person” with a particular skill or expertise. Key Person insurance protects you against the financial consequences of losing key staff members.

Issues to ponder….

  1. Does any member of staff make a large contribution to the profits?
  2. Are borrowings covered by Life/Critical Illness Insurance on the directors/partners?
  3. If you already have a Key Person Protection package in place, does this include Critical Illness cover?  Has the sum assured/premium been reviewed recently?

Key Person Insurance provides a cash injection (either as a lump sum or as a flow of income) to your business if a key person dies or suffers a serious illness, allowing the business to continue trading at a time of considerable uncertainty and financial pressure.

Key person Insurance can cost as little as...

Age Term Amount Cover Cost PCM
40 5 Years £  250,000.00 Life Only £14.59
40 5 Years £  250,000.00 Life or Critical Illness £70.74
45 5 Years £  250,000.00 Life Only £19.60
45 5 Years £  250,000.00 Life or Critical Illness £104.58
45 5 Years £  500,000.00 Life Only £35.74
45 5 Years £  500,000.00 Life or Critical Illness £206.76
45 10 Years £  250,000.00 Life Only £41.69
45 10 Years £  250,000.00 Life or Critical Illness £248.53

*based on a fit & healthy person

Among other things, Key Person Insurance can cover:

  • Loss of profits suffered until a replacement is found, is in place and is fully effective.
  • Payment for the (often substantial) costs of recruitment and training of a replacement.
  • If absence is due to critical illness, and if a return to work is likely, payment of income to the “absent” person, as well as funding the cost of a temporary replacement.

Already have protection in place? Great, but when was this last reviewed..?

Both your business and the economic situation have probably changed significantly in the past couple of years, meaning that the protection you put in place may now not reflect your business going forward. 

Key Person Ballerina Legs

“La Playa has an excellent understanding of the orchestral business and operates as a business partner, not just an insurance service. I wouldn't hesitate to recommend them, a great team.”

Britten Sinfonia

 

Ready to work with us?

You can call us to talk more about your business on +44 (0)1223 200650 or +44 (0)20 3865 0149

What's Covered?

Monthly Payments
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About La Playa Arts & Entertainment

Specialist & Independent

Specialist & Independent

The arts present a very specific set of risk exposures – and now your digital and online risks can expose you globally. We understand the risks and pressures you face - and we speak your language. We’ll support you with great advice - helping you make good decisions for your organisation.

Our exclusive portfolio policies can help streamline costs, and we’ll always help you stay ahead of the game in managing risk. The show must always go on - insurance isn’t just about processing a claim, it’s about thinking laterally to solve challenges and problems fast.

At La Playa, we’re passionate about the arts and creative industries – many of us are practitioners and active consumers; in fact, La Playa founded the first ever corporate art collective!

In-house IFA

We also offer Business Protection (including Key Person Insurance) and Employee Benefits: a joined up approach with a team of advisers working for your best financial interests - all under one roof

Advice You Can Trust

…from an expert who understands you

  • Specialist insurance for entertainment and the arts
  • Independent professional advice
  • Relationship-based service: right beside you when you make a claim
  • “Can do” culture
  • Seamless insurance across UK and US

Premiums start from £560 inclusive of IPT

What does “Boutique Service” actually mean?
La Playa’s Personal Risk Concierge means:

  1. A dedicated adviser so you can speak to the same person each time
  2. Careful listening to really understand your needs and priorities
  3. As much help as you need with completing forms to provide risk information
  4. A discreet and complimentary appraisal* of your property to assess the risks and ensure you have the right cover where you need it
  5. An independent market review - so you don’t have to shop around comparing policies, cover limits, risks covered and smallprint exclusions
  6. Careful monitoring of the insurers’ financial strength, claims and customer service
  7. An independent recommendation of the best policy for you - and, importantly, why
  8. Specialist policy wordings from underwriters who have demonstrated excellence and deep understanding of your risk exposures. We have analysed a wide range of policy wordings and have selected only the best for our panel. Our advisers have a deep working knowledge of these policies 
  9. An intelligently designed portfolio of protection across multiple asset classes and territories
  10. Advice on how best to manage your risks - to keep you safe but also to keep insurance costs down
  11. Expert guidance on valuations, security and risk management, and connecting you with specialist advisers and suppliers
  12. Direct phone, mobile and email access to your adviser for questions and advice. We aim to respond to emails within 60 minutes
  13. Policy documents emailed to you - no logins and passwords to remember
  14. An advocate beside you if you make a claim - thinking laterally to mitigate the impact, making useful connections to get you back up and running; driving through to a swift and fair financial settlement

Oh, and...

  • No call centres
  • No ‘hold’ music
  • No hidden fees

*subject to availability with our insurer panel

 

Photo from Arts & Entertainment