Key person insurance protects your business against the financial consequences linked to the loss of an essential person. This may include death, disability or prolonged work incapacity. This insurance helps offset the loss of income, finance the recruitment of a replacement or even cover the company’s debts. Also discover our Professional Civil Liability Insurance for tailored protection.
Why take out Key Person insurance?
Executives or key employees often play a crucial role in a company’s success. If one of them becomes unavailable, it can seriously affect finances and day-to-day operations. With Key Person insurance, you safeguard the continuity of your business in the event of a setback.
- Death: a capital sum is paid to the company to offset the loss.
- Disability: in the event of permanent disability, an amount is paid to support the company.
- Work stoppage: daily allowances are paid after a waiting period, usually 90 days.
The guarantees of Key Person insurance
L’assurance couvre the situations suivantes :
- Financial protection: your insurer pays a lump-sum capital to the company in the event of the key person's death or disability.
- Daily allowances: in the event of a work stoppage, daily allowances are paid after a 90-day waiting period.
- Continuity guarantee: the funds can be used to recruit and train replacements, or to offset the drop in the company's performance.
This is what our key person insurance covers
Standard Key Person Plan
The essential solution to protect your business:
- Payment of a capital sum in the event of the key person’s death
- Daily allowances after a 90-day waiting period in the event of a work stoppage
- Cover in the event of the key person’s permanent disability
- Capital paid to the company to offset the loss of income
Price: from €100/month
Enhanced Plan: Key Person Insurance
Enhanced cover to protect your interests:
- Payment of a capital sum in the event of the key person’s death or total disability
- Daily allowances after a reduced 60-day waiting period
- Cover for the recruitment and training costs of a replacement
- Additional protection for amateur sports and business travel
Price: from €150/month
Premium Plan for Key Person Insurance
Maximum protection for the continuity of your business:
- Doubled capital in the event of the key person’s accidental death
- Daily allowances from the 30th day of work stoppage
- Cover for replacement, training and financial-loss compensation costs
- Guarantee extended internationally, including for business travel
Price: from €300/month
The documents required to switch key person insurance
To switch your key person insurance, you will need to provide several documents. First, you must send a cancellation letter by registered mail with acknowledgement of receipt to your current insurer, stating the contract number and respecting the two-month notice period before the renewal date. It is also advisable to include a copy of your current insurance contract to facilitate the transition. A bank details document (RIB) is generally requested for the new payment terms. In some cases, a health certificate or a specific form may be required to assess the risks linked to the new policy. To discover our offers and take out new insurance, visit our page by clicking this link: our business insurance offers.
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FAQ - Key Person Insurance
| Question | Answer |
|---|---|
| What is Key Person insurance? | Key Person insurance protects the company in the event of death, disability, unemployment or work incapacity of a person essential to its smooth operation. |
| Who is considered a key person in a company? | This generally refers to executives, founders, or any employee who plays a crucial role in the company’s success. |
| What are the benefits of taking out this insurance? | It helps offset the loss of income, finance the recruitment of a replacement, or repay the company’s debts. |
| What does Key Person insurance cover? | It mainly covers the death, permanent disability and prolonged work incapacity of a key person. |
| How is the capital paid in the event of a claim determined? | The capital is generally determined based on the role and importance of the key person within the company, and on the estimated financial loss for the company. |
| Does the insurance cover temporary absences? | Yes, under certain conditions, daily allowances can be paid to the company in the event of a temporary incapacity of the key person. |
| Why is it important to take out Key Person insurance? | Without this insurance, the absence of a key person could seriously affect the finances and stability of the company. |
| How do I take out Key Person insurance? | You can subscribe online or through an insurance broker by providing information about the company and the key person. |
| What is the waiting period before the guarantees apply? | The waiting period varies depending on the contract, but is generally 90 days for work incapacity. |
| Does the insurance cover key persons internationally? | Yes, some offers cover business travel abroad and international activities. |