02 August 2011
The key to protecting the business is to insure its key persons. Business Insurance or Keyman Insurance aim is to
Key-man insurance is an insurance policy paid by the company (Company = Sdn Bhd), to cover the company in the event of losing its key-man/men. The company is the proposer and beneficiary of the insurance plan. The company has insurable interest over the key-man because if it loses the key-man, the business will be significantly affected. The key-man can be any persons employed in the business and one who gives a significant contribution to the business. The key-man can be the managing director, the general manager or any staff with specialised skills, knowledge or business network.