2 min read
What it protects
If the loss of one person would badly hurt revenue — a founder, top salesperson or lead technician — key person cover pays the company to weather the gap, recruit and stabilise. The policy is owned by and pays out to the company.
The link to lending
Where a business depends heavily on one individual, that is a risk a lender notes. Key person cover, alongside succession planning, reduces it. It complements rather than replaces a healthy affordability position.
What it means for you
Credicorp lends to your company, not to you personally, and takes no personal guarantee. See business loans or apply online.
Frequently asked questions
Who counts as a key person?
Anyone whose loss would materially damage the business — commonly a founder, a rainmaker in sales, or a uniquely skilled technician.
Does a lender require key person cover?
Not usually as a requirement, but it can reassure where the business leans heavily on one individual, and it supports resilience.
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