Keyman & partnership protection

Keyman insurance can be taken out to compensate the practice for financial losses in the event of the death or extended incapacity of the member of the business. It also facilitates greater business continuity by providing the financial support to make alternative arrangements.

Keyman Insurance does not indemnify the actual losses incurred but compensates with a fixed monetary sum as specified on the insurance policy.

The basics

There are four categories of loss for which Keyman Insurance can provide compensation:

  • Losses related to the extended period when a key person is unable to work, to provide temporary personnel and, if necessary to finance the recruitment and training of a replacement.
  • Insurance to protect profits. For example, offsetting lost income from lost sales, losses resulting from the delay or cancellation of any business project that the key person was involved in, loss of opportunity to expand, loss of specialised skills or knowledge.
  • Insurance to protect shareholders or partnership interests. Typically this is insurance to enable shareholdings or partnership interests to be purchased by existing shareholders or partners.
  • Insurance for anyone involved in guaranteeing businesses loans or banking facilities. The value of insurance cover is arranged to equal the value of the guarantee given by the key person.

If you would like to discuss your requirements with one of our Independent Financial Advisers then please complete the enquiry form and we will contact you to assess your circumstances, review the market place and then present options for you to consider. Alternatively you can contact us on 01823 250750.

Please note that when discussing or reviewing your financial situation we will need to conduct a brief fact find in order to fully understand your goals and objectives. This will provide us with the necessary information upon which to base any recommendations and ensure they meet your objectives and wider financial planning needs.


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BCA Insurance Services is a trading name of Lloyd & Whyte Ltd.