Keyman Insurance In Dubai & The UAE
What is Keyman Insurance (Key Person Insurance)?
Keyman Insurance, often referred to as key person insurance, is part of our Commercial Insurance policies. Keyman Insurance is a form of life insurance taken out by a business to compensate that business for any financial losses that would arise from a death or injury of an important (key) person to the business. This can also be extended to cover the business in case that key person is no longer be able to work for whatever reason.
Many businesses rely on a single person (sometimes a handful of people) who are responsible for the majority of the income to the business, it can also be that this person(s) has a unique or hard to replace skillset or experience, or even maintains relationships that are very vital to the organization. Therefore this type of policy is usually owned by the business itself in order to compensate the business for losses incurred in the case of loss of those key income generators or those who play an important role in facilitating and running the business.
How does Keyman Insurance work?
There are four main categories of loss to a business that can be covered by Keyman Insurance:
- Insurance for anyone involved in guaranteeing business loans or banking facilities – where the value of the insurance coverage is arranged to be equal to the value of the guarantee the business is receiving.
- Insurance to protect profits – for example a company can insure the lost income due to lost sales resulting from delay or cancelation of any business project in which the key person was involved in.
- Losses related to extended periods when a key person is unable to work – this is to provide temporary personnel and if necessary finance their recruitment and training to replace the key person.
- Insurance to protect shareholders and partnership interests – this type of insurance enables shareholders and partners to purchase shares of key partners in case those key partners pass away.
Why would you need Keyman Insurance?
This type of insurance can offer several advantages to a business as an additional benefit or extra payment to the key employee during his/her service period to the company.
Additionally, the company can seek to raise loans on the policy if there is a need for some financing. In case of the death of the key person, the company can use the insurance amount to cope with the loss through recruiting and training a suitable replacement.
Keyman Insurance serves as life insurance to protect the life of the business along with the people that depend on it.
With different options and different providers out there, Petra Insurance Brokers will work with you for the benefit of your business. Our goal is to provide you with clarity in order for you to make the best decision for your business.
Other Commercial insurance policies
Medical Malpractice Insurance
This insurance will provide protection against third party claims for medical malpractices that occur covering the cost associated with it.
Business
Insurance
Business insurance is coverage that protects businesses against losses that may occur during the normal course of business.
Business Interruption Insurance
Understanding how business interruption coverage will protect your business can help you be more prepared in the event of an unforeseen natural disaster.
Professional Indemnity Insurance
Professional indemnity insurance, also called professional negligence insurance, is coverage for small businesses that protects against claims from their clients.
Marine & Aviation Insurance
Marine cargo insurance covers the goods, property and/or merchandise carried by a ship or aircraft.
Cyber Ransom Insurance
Cyber ransom insurance is designed to protect your business in the event of a ransomware attack.
Employee Benefits Through Insurance
Employee benefits through insurance have become a crucial aspect of the modern workplace, playing a significant role in attracting and retaining top talent.
Workmen’s Compensation Insurance
It provides coverage for your valued employees in the event they fall sick, get injured or lose their life during employment.
Business Protection Insurance
Hazards that can threaten your company in the future are diverse and very much unpredictable. you need to hedge yourself from all these risks.
Credit
Insurance
Credit insurance is an insurance policy purchased with the intention of protecting a business against commercial and/or political risk that is beyond the control of your company.
Income Protection Insurance For Empolyees
Loss of income in the event of a disability, illness, or death can cause significant personal and economic hardships for employees & their families.
Commercial Property Insurance
We provide a tailored strategy to guard against calamities like fire happening to your assets like buildings, supplies, and warehouse stock.
Contractor All Risk Insurance
Contractor All Risk Insurance is part of our to cover against contracts and construction risks.
Corporate & Business Health Insurance
Corporate & Business Health Insurance serves not only as a mandatory legal requirement but also as a strategic benefit that businesses offer to their employees.
Fleet
Insurance
Whether you own a taxi company, car rental service, or delivery service, if your business relies on multiple vehicles fleet insurance is required.
Professional Indemnity insurance
The cost involved in health care today is extremely high and continuously increasing.
Strata
Insurance
Strata insurance provides the peace of mind that comes with knowing your strata property is covered in the event of damage to common areas.