What is Keyman Insurance?Keyman Insurance or key employee insurance is cover that will protect an institution in the event of an untimely death or disability of a top salesperson, executive or business owner. Keyman Insurance provides peace of mind to business owners and shareholders alike knowing that the business can continue operations without a major disruption in the event of the loss of a key employee.
If death or disability strikes a key member of the institution, key person insurance may be the difference between the company’s demise and its ultimate success. Keyman Insurance is an ideal insurance cover for sole proprietors, SMEs and any other institutions where succession planning is a problem.
- Money will be available at the time it is needed to provide an emergency fund to keep the business running
- Helps to cover the loss in profits during the readjustment period
- Assures service providers and customers that the business will continue operations
- Staff morale remains positive knowing that the company is not in danger of collapsing
The customer will have to choose the limit of cover that they want to buy. Cover ranges from MK 1,000,000 to MK 500,000,000.
- Employees with special skills
- Technical experts
- Financial experts
Premiums will depend on how much cover the client has bought .The premium is paid annually. We can also arrange Insurance Premium Finance where necessary.
Claims can be made at any Bank branch or agency and the benefit will be paid, provided all the relevant documentation has been submitted and approved. If there is any dispute as to the entitlement of the benefit, the Bank and Old Mutual will have the final decision.