In almost every business, there will be a number of key individuals who make a major contribution to its success or profitability. Without those people, it is likely that the business would be severely affected. The firm could face challenges like trying to replace the key person and the costs associated with that, dealing with the implications of losing contracts, experiencing a fall in profits and having to repay loans. Key person protection can help protect a business if one of its’ key people were to die or fall critically ill.
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