Key Person Cover

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All successful businesses have one or more key individuals on whose skill, experience and knowledge the success of the business depends. Should they become seriously ill and be unable to work, or die unexpectedly, your business could suffer.

What is a key person?

A key person is any member of staff who has a direct impact on the profits of the business, such as the business owner, director, salesperson or any employee with specialist skills or expertise.

If a key person in your business died or became seriously ill, would your business be able to:

  • Fund the cost of recruiting and training a qualified temporary replacement member of staff
  • Sustain the loss of profits while the business is disrupted
  • Cope with any late delivery penalties
  • Pay any company sick pay to the key person
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What is Key Person Protection?

Key person protection covers your business’s key people in case they die, become critically ill or find themselves unable to work through a long-term sickness. Key Person Cover gives you a cash injection paid directly to the company or partners, helping you to protect your profits, pay for any extra recruitment costs and clear any outstanding business debts, allowing you to continue trading as normal.

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How does Key Person Cover protect your business?

With key person protection, you can cover your key people and receive a lump sum if they die or suffer a critical illness. Or you can choose to protect the profit this key person generates for the business, should they be unable to work through illness or injury. This would pay an income each month to cover the amount of profit that this key person would have been bringing into the company. This could help you continue to pay any bills or ongoing expenses.

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What are the benefits?

  • Cash injection paid directly to the company or the partners
  • Pays the cost of recruiting and training a replacement
  • Gives you the option to clear any outstanding business debts
  • Protects your profits by paying for any unforeseen costs
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Business Continuity Planning

Business continuity planning plays a key part in protecting the stability of your business. It ensures your business continues to trade if the unexpected happens. Key Person Protection is just one area of business protection. You might also want to consider protection for shareholders or partners. Without this type of cover in place, if the shareholder dies their shares could go to someone with no interest in your business, maybe even a competitor. There’s also business debt protection, and tax efficient Relevant Life Cover which makes staff feel more appreciated so they’re more likely to stay with your company for longer.

Find out more. Download our business continuity guide.

Business Continuity Guide
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Why choose The Finance Roome?

We understand the complexities of business continuity planning and depending upon whether you’re a sole trader, limited company or partnership, our business protection team can advise you on the most cost-effective options for your business. We listen to your specific needs before searching hundreds of business protection products to find one that matches the individual requirements of your business.

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Don’t just take our word for it.

Our biggest critics are always our clients. Unbiased and unrelenting, they are the easiest way to find out what a business is really like to work with. Find out what ours are saying about us!

Sophia Hawkins-Brown
Sophia Hawkins-Brown
2022-11-10
Cannot recommend these guys enough. After meeting the lovely Sam, I talked her through the nightmare I had had securing mortgages through other brokers. Sam recommended I spoke to Ricky, who was quick, efficient and super friendly. I recieved a call from Chloe who was also lovely 12 hours later securing my mortgage at an affordable rate and for the amount I desired. The Finance Roome are amazing. Offering an efficient, friendly and successful service. Thank you all. Made my day and took all my stress away. I would give 10 stars if I could.
Sophie F
Sophie F
2022-10-26
Can't speak highly enough of the Finance Roome team, we've been with them since we purchased our first house and we've just exchanged on our next property today - and I genuinely don't think we'd have made it before the interest rate hike without them! They are so friendly when you ring, always happy to discuss any little query or concern, and always respond quickly to any communications. You really feel like a valued customer dealing with this team, I've been on the phone to them in floods of tears during this house move and they're so reassuring and kind. Shout out to Adam, Jess H, and Jess D, who I have mainly dealt with - but I can honestly say that every single person I've spoken to has been fab. Without them chasing our mortgage lender to expedite our funds request after some messing from the bottom of our chain, we'd have lost our deal and seen it triple. That's life changing. Thank you Finance Roome!
kate d
kate d
2022-10-24
The finance room have walked is through everything for both mortgages we've had so far. The service has been faultless, diligent and and easy to contact. Responds very quickly to our emails. Gave honest advice and supported us throughout, even when we ended up remortgaging through our previous provider meaning they did not get a commission.
Victor Wilson
Victor Wilson
2022-10-22
I have nothing but positive words for this company. Chloe and Harriet mainly dealt with my case and their customer service is brilliant. Aside from that, their approach towards everything is proactive, efficient and professional. I cannot fault anything from my experience and when I purchase another property I will be straight to these guys. Thank you everyone!!
Emily Poole
Emily Poole
2022-10-21
As always, The Finance Team have been amazing and helped me with my new mortgage. They are extremely knowledgeable, professional and lovely to deal with. Thank you so much!
Ross Firth
Ross Firth
2022-10-18
From the first moment we messaged Courtney we knew we were in the right hands. The finance roome helped us with the purchase of our first house, from sorting our mortgage to helping with our life insurance and home insurance. Right from the start everyone was friendly helpful and more than happy to take the time to answer any questions we had and even though we had ended up waiting 8 months for the house to finally all go through, they still persisted to chase up our solicitors weekly and check everything was still in order. We couldn’t recommend them enough!
Charlotte Slater
Charlotte Slater
2022-10-10
Adam and everyone at the Finance Roome have been wonderful. Words cannot express our thanks for his expert advice, getting us a great mortgage in the nick of time. He quite rightly hurried us to get all our paperwork in order and as such we got a mortgage just days before the massive interest rate hikes. In addition to securing us a great mortgage, Adam was always on hand to provide support and reassurance when our Solicitors were causing us many headaches. Thanks again so much to Adam and the team. We have recommended them to everyone we know who are currently going through the house buying process.
Joanne Carnie
Joanne Carnie
2022-10-08
I have just completed my Re-Mortgage with the Finance Roome and am writing this review as I cannot rate this company highly enough. This is not the first time I have used the Mortgage Roome, they arranged my mortgage for my house purchase 5 years ago and were simply outstanding then so I had no hesitation in calling them for my Re-mortgage. Once again, the level of service I have received and the advice has been second to none and I am so grateful to all of the staff (Ellen, Adam Hayter and Jess Hambling) who have provided the advice and assistance along the way. All of the staff I have spoken to have shown that they are extremely knowledgeable, professional and they really listen and understand your needs when providing advice. It is not often you get outstanding service these days so they are totally deserving of a 5 star review. Thank you so much.
Emily Golden
Emily Golden
2022-09-30
The Finance Roome helped me secure a good mortgage deal and followed it through to completion. I will be using them again next time!
Paulina Woźniak
Paulina Woźniak
2022-09-20
We had really great experience with The Finance Roome Ltd. Our Broker - Adam and his Admins were very helpful. We have had our offer within 2 weeks since we’ve applied. They’ve supported us till very end (completion). Thank you from me and James for your time! Great job everyone!

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