Business continuity, key person protection, locum cover or business overheads insurance.
Call it what you will, if a main income earner or key individual is incapacitated due to illness or injury, your business will need funds to ensure the bills are paid and the business remains viable.
A key person policy will pay a monthly benefit directly into the business in the event a key person is unable to work. These funds can be used to source and pay for a replacement person or locum, to cover fixed costs and overheads, or to provide a cash injection to keep the business cash flow positive and solvent.
To determine if your business needs key person protection, ask yourself the following: