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Key Person insurance – protect your most valuable asset

As a business owner, you may have insured the tangible aspects of your business, such as the building and its contents. But have you thought about protecting your most valuable asset – your key people?

Key Person insurance covers people in your business, such as an owner, partner or key employee, if they die or leave the business due to illness or injury. It’s is designed to help keep your business financially sound following the loss of a valuable person.


How does Key Person insurance work?

Key Person insurance pays a lump sum if one of your partners dies or is diagnosed with one of 45 defined serious medical conditions, such as cancer or a heart attack.


The remaining partners might use the money to fund the purchase of the other’s share of the business. Or you might use it to pay for a locum with the same specialist skills or knowledge to come in and fill the gap.
Need a practice agreement?

With Key Person cover, it’s essential that your practice agreement has clauses detailing the agreed arrangements for the remaining principals to purchase the practice or shareholding in the practice. Our Business Advisory Services team can assist you with this.


If you don’t yet have a formal practice agreement, our HealthyPractice® online business support service has template agreements for all practice structures with sample Key Person cover clauses.


To arrange trial access to the website to fully evaluate the service, please contact our business advisors on 0800 800 627 or by emailing
Talk to a MAS adviser today

MAS’s salaried advisers are specialists in dealing with the insurance needs of professional people and their businesses. We can help you work out the best mix and level cover you need to ensure financial security for your business. Contact us to talk to an adviser today. 


This webpage provides a general summary of the key features of Key Person insurance. Full details, including full descriptions of the serious medical conditions covered and details of all other policy conditions and exclusions are set out in the Recovery Insurance policy document.

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