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What is Key Person Cover Anyway?

Most business professionals have heard of ‘Key Person’ cover.


Key Person cover is more of a concept than a single product, as there can be elements of Life Cover, Trauma Protection, Income Protection, or other insurance products. Putting protection in place ensures that if a business loses its sole trader, a key employee, an owner, or a business partner, the consequences can be offset. Profits can fall, loans may have to be repaid at short notice or, at worst, the future viability of the business can come under threat.


Its essential for business owners to know that, even if the worst should happen to a key stakeholder, they’ll have the financial means to stay on track.


Business life insurance provides unique ways of helping protect business finances for the activities of Key People, whether that be providing a lump some in the case of Death or Incapaicty, or providing Revenue and income replacement for periods where a principal in the business cannot work.

Who Does Key Cover Benefit?

The key person or people could be the owners/shareholders or there may be other employees that are key to the businesses success.


Key people are the income generators and have key client relationships and connections or perhaps a specific skill or knowledge that the business relies on to generate income.


Key person insurance goes to the business to keep it running when things go wrong, whereas personal insurance goes to the family.

Revenue / Income Protection

Revenue is the lifeblood of any business. When things go wrong, through illness or injury, then revenue / income protection pays out funds on a monthly basis to help keep the business running.

Debt Protection

Debt protection insurance gives your business full protection if one of the people who ‘created’ the debt dies, or is taken out of the business. Debt protection gives the business sufficient cash in order to repay debt, and removes the possibility of the bank recalling the debt at the worst possible time. A bank recall could leave the business severely hamstrung and unable able to function.

    Get advice, Get a Quote, Get Cover.

    The myriad of options can quickly get confusing  – how do you make sure you are getting the right cover you need AND the best premium? For advice on business insurance, optional extras on your insurance, how quotes are calculated, claim rejections, premiums and money-saving tips – ask at your leisure.

    For more information or an obligation-free insurance quote, complete the form, and your Saffron Business Insurance Broker will contact you shortly.

    If you organise your business insurance through Saffron, we can refer you to outside qualified and licensed Financial Advisers to cover your Personal,  Life Insurance, and Health Insurance needs.

    Having the right Life Insurance in place offers you peace of mind, and makes your finances safer.

    What Clients Are Saying:

    Tammy, you’ve been an absolute pleasure to deal with. The premium was fantastic!

    Geoff Kelly

    Great service, great attitude – it’s how getting insured should be – EASY AS! thanks Saffron Business Insurance for a superb start to what I expect to be a long standing relationship. Mal Snaize IT Consultant.

    Mal Snaize, IT Stuff

    Excellent customer service support when required, great knowledge of insurance options.

    Wild Appetite
    Albany, Auckland

    Absolutely Fantastic Fast , Friendly and very professional. This is what every Kiwi business needs to strive to achieve. Saffron Insurance is exemplary.

    Eddie Hania, PlastiCard
    East Tamaki, Auckland

    Our request for Liability Insurance was not run of the mill, yet Saffron (Bianca Painter) went out of their way to assist. The help we got from Bianca was excellent. Our request for public liability insurance was not standard and she was able to use her industry knowledge to provide what we needed. Excellent industry knowledge and service!

    Linda Otto
    Upper Hutt, Wellington

    Our previous broker just rolled us over each  year without seeming to do much, Saffron went  the extra mile to find the best cover for us, including investigating overseas markets.

    Cameron B

    A pleasure and an honour to deal with.

    Rachel P

    We have dealt with Bianca Painter at Saffron Business Insurance. Bianca’s knowledge of the insurance business, together with the service that has provided by her, has made our insurance portfolio more efficient and easier to understand. Bianca is always available to help with any query or problem and it has been an absolutely pleasure dealing with her. Would highly recommend this company.

    Clare Ormerod, Wild Appetite
    Albany, Auckland

    Thank you for your patience, I must say  you have been very easy and professional  to deal with, we thank you for this

    Karen R

    Saffron helped us make cost saving changes to our policies which didn’t reduce our cover at all, and which we would never have spotted; that’s when you realise you’re being dealt with by a true professional.

    Ian T

    Management Team:


    Bianca Painter
    CIP, ANZIIF Snr Associate

    Steve Shimwell
    Business Development Director

    IBANZ better quality

    Saffron Business Insurance Limited is a licensed Commercial Insurance Broker (Financial Service Providers Register: FSP 719612), a member of the Insurance Brokers Association of New Zealand (IBANZ) (, and a Broker Network member of Steadfast Group Limited (, an intermediary network that assists insurance brokers in day-to-day management, expertise, and the compilation of a number of specially written policies for the benefit of our clients. Saffron Insurance's Physical Office is located at: Level 1, 50, Centre Way, Orewa, Auckland. Our main remuneration for services is calculated as either commission paid to us by the insurer or underwriting agency, or a fee paid by you, or a combination of commission and fee; a full Disclosure Statement is available from your appointed broker. FINANCIAL SERVICES COMPLAINTS LTD (FSCL) ( Under the Financial Service Providers (Registration and Dispute Resolution) Act 2008, all individuals that are providing advice about Fire & General Insurance Products are required to be registered and have an approved external dispute resolution provider. Saffron Insurance has chosen Financial Services Complaints Limited (FSCL) to be our provider. FSCL provides dispute resolution services to participating financial service providers (FSPs) and their clients. The FSCL process focuses on resolving complaints through conciliation and assisted negotiation, and is also able to make formal Determinations which are binding on Financial Service Providers.

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