BT Financial Group has made updates to its Key Person Income cover product, which is now available for businesses that have up to 40 full-time (or part-time equivalent) employees. This will allow far more businesses to utilise the cover, which focuses on allowing an insured business to continue to operate should a key person become disabled due to illness or an injury.
The number of key persons who can be covered has increased to five per business, with further updates to the business ownership and income generation percentage criteria set out for those who own the business, and its employees.
The insurance cover is designed to allow a business to continue to operate without the presence of a key person critical for the continuation of the business until the problem of the gap can be solved. The absence of this important person can cause significant problems for cash flow and business function, so this insurance, and the broadening of its eligibility clauses, is positive news for Australian businesses.
More information on the specifics can be found at BT’s insurance portal, LifeCENTRAL.