The loss a business may suffer because of death disability of a employee with special skills, knowledge or other qualities difficult to replace.

Insurance designed to protect a business institution against the loss of income resulting from the death or disability of a key employee.
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A policy that protects a firm from loss caused by the death or disability of a ‘key person’ within the company.

In health insurance, a policy that offers salary continuation or medical care to a key employee. The premiums for this plan are paid in part or totally by the employee. In life insurance, a policy payable to the employer that covers the life of a key employee whose death would cause the employer a financial hardship.

Loss of the service of a key person through death, disabling injury, disease or resignation which may result into major financial problems for the firm losing its key person.

IRDA defined “key persons” include the chief executive officer, chief marketing officer, appointed actuary, chief investment officer, chief of internal audit, chief finance officer, chief risk officer and chief compliance officer of insurance companies.

Cost of replacement of locks and keys, if the vehicle is broken into or cost of replacement of lost/stolen keys. The sum insured ranges differently from insurer to insurer and usually the per occurrence limit is 50% of the sum insured. Own Damage claim is not a condition precedent for this cover.

A policy which provides reimbursement to a business against the work time lost by a key employee who is disabled.