Key-man insurance

You will get all the answers from local brokers selected by the Comparator.

Keyman insurance is open to all companies that wish to protect themselves from the absence of a key employee. This policy does not impose restrictions based on: the size of the company, its legal form, the type of activity undertaken or turnover. Keyman insurance provides compensation where the sole beneficiary is the company itself. If an employee whose services were vital to the business is no longer available, the benefit resulting from the keyman insurance will cover losses related to the absence of that person and ensure the continuity of operations.

According to statistics, one out of three companies ceases to operate when an employee who had ensured the smooth running of the business suddenly disappears. Most of the time, replacing this kind of employee does not happen overnight: the recruitment of the replacement requires careful consideration and a full evaluation. Meanwhile, the company’s output can slow and the losses incurred are sometimes substantial. Insurers created keyman insurance to support companies that face this problem. Profile of the key man or woman According to the French Federation of Insurance Companies (FFSA) the key man is a person whose unavailability or death disturbs the smooth running of the company and whose replacement cannot be found quickly. For example, the manager of a company, the head of a department, a scientist in charge of an important research project, or even a creative artist whose works are unique and necessary for the company to continue trading are all considered key men.