Companies are usually happy to spend money insuring assets, premises, and brands. They tend to overlook people.

In some businesses, a single individual can make an enormous difference. Perhaps because they're just very good at their job, or have unmatched experience or knowledge of a specialist field. If that person suddenly dies or is taken ill, the company has a problem.

Key person protection is an insurance policy designed to deal with this. The company is protected; the company pays the premium.

In the event that a crucial member of your team is suddenly unavailable, it pays out a sum based on a reasonable prediction of the company's expected income, so as to keep the business on an even keel until that valued individual can return to work, or be replaced.