Insurance Case Study: Key Man Protection

Stressfree walk on beach

Roharn Smith, an insurance adviser, tells us about a client who had implemented key man insurance for themselves as a vital member of their business. He explains how the policy provided peace of mind that the business would be financially secure in the event of a health issue affecting their ability to work.


In November last year, a client approached me to organise insurance for themselves and their business. Their goal was to ensure that the business could continue operating should they become sick or injured and unable to work. Based on my advice, the client implemented life, trauma, and key man cover, as they had some big contracts of work over the coming year.

The case

Fast forward to March this year, I get a phone call from my client saying that due to weakness in his arms and legs he hasn’t been able to work. Understanding the gravity of the situation, I immediately assisted in facilitating the claims process with the insurance company.

By claiming on the key man cover, the client was able to keep the business running. The insurance payout allowed them to hire subcontractors to continue with the contracted work, ensuring that their business commitments were met despite the unforeseen health issues. While the client is still awaiting a diagnosis, there is a potential trauma payout on the horizon, which could provide additional financial support.

You just never know what is around the corner, by having the right cover in place my client was able to keep their business running and options.

If you’re a business owner, it’s worth considering what would happen to your business if you were unable to work. Contact us today to discuss how we can help protect your business and give you peace of mind.

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Disclaimer: None of the above is intended to be financial advice so please discuss your situation with a financial adviser at Vega for your personal options.