Protect your business;
protect yourself.
Key Person Insurance
What would happen if a key person in your business (which could be you) became terminally ill, was injured or died? How would your business - and everything you’ve worked so hard to build - survive?
Key Person Insurance protects your livelihood, offering a financial safety net for your business should it lose (temporarily or permanently) a crucial employee.
Structured correctly, Key Person Insurance can even be a tax-deductible expense.
We are specialists in insurances for business owners - whether you’re a team of one or one hundred; whether it’s you we need to cover, or another key person in your crew.
Don’t leave the business you’ve built to chance. We’ll get you protection and peace of mind.
Key Person Insurance
Key person insurance is an insurance policy a business can take out on its most valuable employees (and yes, that includes you).
It helps safeguard your business if one of its biggest assets dies, gets very sick or becomes disabled.
Take a moment to ask yourself: If you (or another key person in your business) were to fall seriously ill or die,
how would your business suffer? Could you continue operating? Would sales/revenue take a hit? Would you need to hire someone else - possibly a senior or specialist individual - to step into that person’s shoes? How would you cover wages, overheads and debts if operations are interrupted or stop altogether?
Benefits of Key Person Insurance:
Financial Stability: Key Person Insurance provides financial support in the event of the untimely death, illness or disability of a crucial member of your team - yourself included.
Income Replacement: Provides funds to replace lost income/revenue streams.
Business Continuity: Helps maintain operations, ensuring your business can continue to function and pay its bills during a transitional time (for example, while a suitable replacement is found and trained).
Cover for Medical Support: Key Person Insurance can cover costs associated with treatment and rehabilitation.
Shareholder Buyout: Key Person Insurance can cover a shareholder buyout, in the event a majority shareholder’s spouse/family member inherits their stake in the business. This avoids being forced into co-ownership with a new person and eliminates pressure on the business to liquidate assets to pay out the estate.
Support While Selling/Shutting Down: Helps with the expenses involved in selling or winding up the business, if that’s necessary.
Creditor Assurance: Having Key Person Insurance in place offers reassurance to investors and lenders.
Tax Deductibility: Key Person Insurance premiums are generally tax deductible, helping to reduce the overall cost.
Big or Small Businesses: Key Person Insurance is valuable for businesses of all sizes and structures, and we work with everyone from tradies, freelancers, contractors and other one-man-bands through to company directors who have multiple senior assets.
Reducing ACC Cover Premiums: Having the right Key Person Insurance can reduce your reliance on ACC, allowing you to opt for a lower level of ACC cover - delivering cost savings while still maintaining the appropriate protection. (We can help you evaluate your needs to ensure a suitable balance of coverage.)
Types of Key Person Insurance:
Business Life Insurance
Business Life Insurance pays out a lump sum if a key person in your business (including you) dies or is diagnosed with a terminal illness.
It offers a cash injection to help the business navigate this challenging period, ensuring your business has the necessary funds to weather the storm and continue trading, or perhaps wind up or sell the business.
It's not uncommon for spouses/family members to inherit a majority shareholder's stake in the business when they die. In this event, Business Life Insurance funds can be used for a shareholder buyout.
Business Trauma Insurance
Business Trauma Insurance provides financial support (in a lump sum) if a key person is not able to do their job due to a severe illness like cancer, stroke, heart attack etc.
Disability Insurance
Business Disability Insurance covers the loss of income when a key employee (which could be you) becomes disabled and is unable to work. It pays out a monthly amount until the key person is back in the business, helping protect your revenue stream.
Income Protection Insurance
If you’re a one man band, you might want to consider Income Protection Insurance for yourself. This insurance can even include specific Mortgage Repayment cover, too.
Don’t leave to chance what
you’ve worked so hard to build .
Whether you’re a sole trader or you’ve built a big team, we can talk you through all the options. We’ll make the complex simple, give you peace of mind,
and help you protect what you’ve worked so hard for.
What our Clients say:
"Craig and the team at WealthHealth are amazing. Honest, trustworthy and know the industry. Helped us through the minefield of insurance providers, underwriter jargon and did everything for us to make sure we had the right policy in place. Absolute Legends!"
Daniel Johnston
“Craig was absolutely amazing … we would very highly recommend him. Nothing was a problem, he listened to our needs, was extremely patient and offered very sound knowledge and expertise in his field.”
Catherine Palmer
“Most of the time setting up financial necessities… is pretty time consuming and stressful. Craig at Wealth Health made this process easy and was thorough and professional and we even had time for a bit of humour as well”
Justin Smith
Tax-deductible protection
I meet many business owners - especially sole traders - who’ve structured their insurance cover under their personal name to safeguard their own financial security.
However, some insurance cover can actually be structured as a business expense - because some of the personal risks you’re trying to cover can be classified as business risks rather than strictly personal risks. After all, if you get sick and can’t run things, that’s a huge risk for your business, right?
Re-structuring insurance into the correct business entities can allow some of the insurance premium to become a tax deductible expense, lowering your tax.
Always seek advice from your accountant or tax professional.
Meet Craig
With over a decade of experience as an Insurance Broker, I focus on life, health, and disability insurance for both wage earners and self-employed individuals.
I have a passion for helping small business owners because - being one myself - I understand the dedication and hard work it takes to build something from the ground up. I also know how much more’s at stake for self-employed people when illness or death strikes. Without the right protection,
a business can be lost in an instant.
That's why I specialise in providing Key Person Insurance. It ensures self-employed people are protected, so they can keep their businesses running even in the face of life’s challenges.
I can help you assess what level of protection you need, talk you through the options, and simplify the complex world of policies and applications for you.
Whether you’re a tradie, a solopreneur, or managing a team of staff, I can help!
Let’s Chat !
Ready to discuss Key Person Insurance?
Just fill in this form - we’ll get back to you within 24 hours.
Or if you’d rather chat now, feel free call or text message Craig:
Hours: Monday to Friday 8am - 6pm and Saturdays 9.30 - 12.30.
Let’s start a convo about insurance to cover the key people in your business
- even (and especially!) if you’re a one-man band.
We’re based in the Bay of Plenty, but we work with clients
anywhere in New Zealand via online (virtual) meetings.
Key Person
Insurance is for:
All Business Types
Sole Traders through to Company Directors
Tradies
Contractors + Freelancers
Husband and Wife Business Owners
Business owners with no employees
Business owners with multiple employees