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

This website contains general information only and does not take into account your individual needs or financial situation. It is important to note that limits, excesses, terms and conditions and exclusions apply to the products and services outlined on this website. Please refer to the relevant policy documents for details of cover, the provision of which is subject to the insurer’s underwriting criteria that apply at the time. Please contact us if you have any questions.