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La Playa Employee Benefits: Insurance with Intelligence®

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Who’s the Life and Soul of Your Business?

If you can name them, you need Key Person Insurance

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La Playa: Insurance with Intelligence®

Key Person Insurance

Most organisations employ at least one person who is critical to the future success of the enterprise - be it the original founder, a rainmaker, shareholder or some other “Key Person” with a particular skill or expertise. Key Person Insurance protects you against the financial consequences of losing key staff members.

Who’s the life and soul of your business? If you can name them, you probably need Key Person Insurance…

Issues to ponder….

  1. Does any member of staff make a large contribution to the profits?
  2. Are borrowings covered by Life/Critical Illness Insurance on the directors/partners?
  3. If you already have a Key Person Protection package in place, does this include Critical Illness cover? Has the sum assured/premium been reviewed recently?

Key Person Insurance can provide a cash injection (either as a lump sum or as a flow of income) to the business if a key person dies or suffers a serious illness, allowing the business to continue trading at a time of considerable uncertainty and financial pressure.

What's covered in Key Person Insurance?

Among other things, Key Person Insurance can cover:

  • Loss of profits suffered until a replacement is found, put in place, and is fully effective
  • Payment for the (often substantial) costs of recruitment and training of a replacement
  • If absence is due to critical illness, and if a return to work is likely, payment of income to the “absent” person, as well as funding the cost of a temporary replacement

Already have protection in place? Great, but when was this last reviewed...?

Both your business and the economic situation have probably changed significantly in the past couple of years, meaning that the protection you initially put in place may no longer reflect your business going forward. We can help you review your exposures.

Key Person Insurance (for Life** cover) can cost as little as...

 
£ per yearAge*Providing £ Life CoverNumber of years of cover
£8040£100,0005
£10045£100,0005
£12040£200,0005
£14040£200,00010
£16045£200,0005
£19045£200,00010

Source: Assureweb 2019

*Based on a fit & healthy person
**Critical Illness cover may cost more than Life cover.

Download: Employee Benefits & Business Protection

Key Person Insurance

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The La Playa Way: Your Personal Risk Concierge

La Playa’s intelligent approach to financial services is founded on absolute integrity, an in-depth understanding of our clients, a high calibre team of advisers and a commitment to excellence in service.

La Playa's Financial Concierge service means advice you can trust - from an expert who understands you:

As a Lloyd's broker, La Playa has solutions for even the most complex risks, and our services also include Business Protection and Employee Benefits. But what does "Boutique Service" actually look like?

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1

Careful listening to really understand your needs and priorities


2

As much help as you need with completing forms to provide risk information


3

A discreet and complimentary appraisal* to assess the risks and ensure you have the right coverage where you need it


4

An independent market review - so you don’t have to shop around comparing policies, cover limits, risks covered and smallprint exclusions


5

Careful monitoring of the carriers’ financial strength, claims and customer service


6

An independent recommendation of the best policy for you - and why


7

Specialist policy wordings from underwriters who have demonstrated excellence and deep understanding of your risk exposures. We have analyzed a wide range of policy wordings and have selected only the best for our panel. Our advisers have a deep working knowledge of these policies
*subject to insurer availability


8

An intelligently designed portfolio of protection across multiple asset classes, liabilities and territories


9

Advice on how best to manage your risks - to keep you safe but also to keep insurance costs down


10

A dedicated adviser so you can speak to the same person each time.


11

Expert guidance on valuations, security and risk management, and connecting you with specialist advisers and suppliers


12

Direct phone and email access to your adviser for questions and advice.


13

Policy documents emailed to you - no logins and passwords to remember


14

An advocate beside you if you make a claim - thinking laterally to mitigate the impact, making useful connections to get you back up and running, and driving through a swift financial settlement


...and more. La Playa’s Risk Concierge promises only the best,
ensuring that every client we work with is given utmost priority.
No call centres, hold music, hidden fees. with La Playa, you are our most important client.

Employee Benefits Concierge

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