Who is a key person?

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A key person is someone whose death or disability would have a serious effect on a business’s future profits. A business can have one or more employees who make a vital contribution to its profitability. A person may be key to the business because they:

  • have valuable sales contacts, which might be lost if they died
  • are heavily involved in the development of a new product because of their knowledge and expertise. Without their input, the product launch might not go ahead
  • are at the top in their line of work and have been time-consuming and expensive to recruit. It might be difficult and expensive to recruit their replacement