Life & Key Person

Life and Key Person Insurance

Regardless of an organisation’s size, its employees are the most important asset. Aon provides a suite of business insurance solutions to ensure a business can keep operating should something happen to its employees.

Partnership Cover (Buy/Sell)

In the event of death or total permanent disablement of a business partner, Partnership Cover provides a lump sum payment to allow the other business partner(s) to purchase the deceased or disabled partners shares.

This can protect business owners and their estates from issues such as:

  • A partner becoming disabled and unable to work, but still receiving profits without doing any work.
  • New owners entering the business in accordance with the departed members Will (for example a spouse or child). These people may not have the necessary skills or may on-sell the business to another person. 

Both situations can cause pressure and stress on the business relationship, therefore Partnership Cover ensures an orderly transfer.

Key Person Cover

Having a key person like a Director, shareholder or main revenue generator pass away, fall seriously ill or be seriously injured can have a devastating effect on a business.

Key Person Cover will pay a lump sum to minimise the financial impact on the business. This essential form of protection could be used for:

  • Replacing the revenue the key person would have generated or the loss of productivity caused by that person being taken out of the business.
  • Costs incurred by a business to locate, attract, recruit and train a suitable replacement can be considerable and will lower business profit.

Business Expenses Cover

Business Expenses Cover will keep your business running if you suffer illness or injury. As a sole trader, small business owner, or if you’re in a partnership, you can claim the costs of running your business if you are unable to work more than 10 hours a week, and it will pay for a two-year period. 
This insurance covers the following fixed expenses up to $25,000 per month:

  • Rent, electricity, phone & water costs.
  • Accounting, bank, audit and subscription fees.
  • Business related Insurance costs.
  • Couriers, postage, cleaning and equipment costs
  • Motor vehicle and leasing costs.
  • Other fixed expenses incurred in the day to day running of the insured person’s business.
  • Salaries for non-income generating employees.

To find out more about Aon's Life and Key Person insurance, get in touch with your local Aon insurance broker today.

Talk to your local Aon broker